Statute of Limitations (SOL) - Collections Flashcards
What is the general statute of limitations for collecting assessed tax under IRC Sec. 6502(a)?
Generally, the IRS has 10 years from the date of assessment to collect the tax (IRC Sec. 6502(a)(1)).
How does the statute of limitations for collection under IRC Sec. 6502(a) interact with the bankruptcy proceedings?
The period for collection is suspended for the duration of the automatic stay in bankruptcy proceedings and for six months thereafter (IRC Sec. 6503(h)).
What effect does the filing of a Collection Due Process (CDP) hearing request have on the statute of limitations for collection under IRC Sec. 6502?
The filing of a CDP hearing request under IRC Sec. 6330 suspends the statute of limitations for collection for the period during which the hearing and appeals are pending (IRC Sec. 6330(e)).
How does the signing of Form 900, Tax Collection Waiver, affect the statute of limitations for collection under IRC Sec. 6502?
Form 900 extends the statute of limitations for collection for the period agreed upon in the form (IRC Sec. 6502(a)(2)).
Can the IRS sue to reduce the tax claim to judgment, and what effect does this have on the statute of limitations for collection?
Yes, the IRS can sue to reduce the tax claim to judgment. Once a judgment is obtained, the statute of limitations for collection is extended as provided by the judgment (IRC Sec. 6502(a)).
What is the impact of an Offer in Compromise (OIC) on the statute of limitations for collection under IRC Sec. 6502?
The period for collection is suspended while an OIC is pending, for 30 days after the rejection of the OIC, and during the pendency of any appeal of such rejection (IRC Sec. 6331(k)(3)).
What happens to the statute of limitations for collection if the taxpayer leaves the country for a continuous period of at least six months?
If the taxpayer is outside the United States for a continuous period of at least six months, the statute of limitations for collection is suspended for that period (IRC Sec. 6503(c)).
What are the consequences of a wrongful levy or seizure on the statute of limitations for collection?
If there is a wrongful levy or seizure, the time for collection is extended by a period equal to the period from the date of the levy or seizure to the date of return of the levied property (IRC Sec. 6503(b)).
What is the statute of limitations for collection in the case of a jointly assessed liability?
In the case of a joint assessment, the statute of limitations for collection applies separately to each person against whom it is assessed (IRC Sec. 6502(a)(1)).
