Once a tax is assessed, the IRS generally has years to collect the tax.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The IRS has power to collect tax for 10 years from date of tax assessment.
Once tax has been assessed, IRS will keep making efforts generally for at most 10 years to collect the unpaid tax. After this period, IRS will stop making efforts. Although there exists certain exceptional conditions where this period can be extended, however, as a general rule, IRS can collect tax till the expiry of 10 years from the date of tax assessed.
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