I am also a CPA with over 40 years experience. Tired is correct about statute of limitations being 10 years. However if lien recorded on real estate, the lien would last beyond 10 years depending on state law.
There are many possible ansewers to this question. Facts like how old debt is, whether disclaiming inheritance is wise, using offer in compromise, whether he has home that needs repair, etc.
“I am also a CPA with over 40 years experience. Tired is correct about statute of limitations being 10 years. “
Here is his statement:
“Statute of limitations on taxes owed is 10 years from the due date of the return or the date filed, whichever is later.”
True if they don’t pursue legal action OR if there is fraud, intent to skip out on your taxes or missing return.
“However if lien recorded on real estate, the lien would last beyond 10 years depending on state law.”
Not sure about the 10 year lien rule. Doesn’t sound right. I would fight it after doing case research. The 10 year rule is by statute. They can’t enforce a lien on a debt not owed.
Had one client where the IRS accidentally left the lien expire.. usually 5 year renewals required. Client sold the real property and the IRS was pissed but could do nothing.