How Far Back Can The Government Collect Taxes?
The government, government, is a feared and disliked entity in the United State of America. The government is responsible for collecting taxes from the American citizens. As we all know taxes consume a moderate percentage of our income.
Exclusions and the Risks that they may Carry
Depending on an individual’s income level, between ten percent and thirty-five percent of their income can be collected by the government. No wonder so many Americans seek short cuts and risky exclusions in order to pay a little as possible. While exclusions may lower the initial amount of taxes owed by an individual, if wrongful exemptions are filled then they are flagged. Because of this, the government carefully audits flagged individual to ensure they are paying the proper amount of taxes. When an individual is found to have not paid the proper amount of taxes, the government seeks to collect what is owed.
How far back can the government go?
A popular question is, exactly how far can the government audit an individual? It is a common misconception by the public that the Internal Revenue Service can collect taxes up until the day you die. Luckily, this misconception is incorrect. A statue of limitations was developed to limit the maximum amount of time the government can collect back owed taxes. Normally, the maximum amount of time that the Government can collect taxes is ten years. However, the statue of limitations may differ depending on the state. Also, if an individual has fraudulently evaded taxes, the statue of limitations does not apply. Tax Fraud is a federal crime. Individuals who are found to have committed tax fraud usual end up in a penitentiary.
- How Long Can The Government Collect Taxes?
- How Can I Get Help On Back Taxes Owed To The Government?
- How Can I Settle For Less With The Government For Back Taxes?
- What Can The Government Do To My Assets If I Owe Back Taxes?
- What Will The Government Do In Order To Get Payment For Back Taxes?