How Long Can The Government Collect Taxes?
Everyone with financial responsibilities know that April 15th is an important day on the calendar. This is the day that taxes are due. The Government is ready to go out and collect what is owed to them, however they have a long period of time to collect these taxes. In fact, the government has ten years to collect taxes, and they may even have longer if special circumstances occur.
When Does the Time Frame Start
The ten year time frame that the government has to collect taxes does not start until you file your taxes. So, if you hold onto your taxes for ten years and think the government cannot ran out of time to collect taxes, you are badly fooled. Make sure you file your taxes on time, and if you feel that you are being charged to much, contact a tax lawyer to help you out.
What Can Extend The Time Frame
The government can collect taxes for ten years, however this time can be extended. There are many things that can extend the time frame, such as going to court, leaving the country, filing for bankruptcy, and so forth. If you are unsure of how long the government can collect taxes and whether or not your time frame has been extended, make sure you get legal advice as everyone’s situation varies.
Reasons the 10-Year Statue Of Limitations Does Not Apply
There are some cases where the 10-Year statue of limitations does not apply when it comes to the government collecting taxes. In fact, this statue does not apply to all states. Every state differs when it comes to the laws of taxes. For example, the state of California does not have a statue of limitation when it comes to collecting back taxes. Before you assume the government only has ten years to collect taxes, make sure you check with your state.
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