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A key understanding on how best to manage your IRS tax debt will include knowing when your tax debt expires. The Collection Statue Expiration Date or more commonly known as CSED is the date of when the tax liability will expire. So how do you find out when the collection date expires? You can hire a tax professional to call the IRS and inquire about the dates, call the IRS yourself and ask when the date of expiration is for the years you may owe past tax debt. You can log into your IRS.gov portal and download your account transcripts. As we discussed in previous tax posts, the IRS gives themselves ten years to collect on any past due taxes owed to them. However, certain actions can extend and or suspend the date of expiration.
If you are looking at your IRS account transcripts you will want to find the Return processing date or assessment date usually found underneath the INFORMATION FORM THE RETURN OR AS ADJUSTED.
The quicker you resolve your tax debt the better. Daily interest on any outstanding tax balances will continue to occur. You can get ahead of the game and stay out of harms way by taking the best financial strategy that applies to your current financial situation. To learn more about the options available to you feel free to reach out to us so we may educate you and help you resolve any state and or IRS tax matter. Next week we will discuss how to submit an Offer in Compromise what we call the Golden Goose. Tell then! Have a safe and wonderful rest of the week. 😊WE can be reached at 904-274-9503 (call/text).
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