26 Sep Know Your Rights: The IRS Can’t Chase Your Taxes Forever
At Optimum Business Services, we believe every taxpayer deserves clarity and peace of mind when dealing with the IRS.
That’s why we want to highlight one of the ten core principles in the Taxpayer Bill of Rights: the Right to Finality.
You have the legal right to know:
You have the legal right to know:
- How long you have to challenge an IRS decision
- How long the IRS has to audit a specific tax year or collect a debt
- When an IRS audit is officially closed
Important timeframes to know:
- The IRS generally has 3 years from the date you file your return to assess additional taxes
- The IRS has 10 years from the date of assessment to collect any unpaid tax
- These timeframes can be suspended in specific situations (such as bankruptcy or legal proceedings)
- Only one audit per tax year is the general rule—but audits can be reopened if fraud or misrepresentation is involved
You also have the right to receive a Statutory Notice of Deficiency if the IRS believes you owe more tax. This notice must clearly state your deadline to file a petition with the U.S. Tax Court if you wish to challenge it.
Resources: For more details, see IRS Publication 1 – Your Rights as a Taxpayer: https://www.irs.gov/pub/irs-pdf/p1.pdf
Visit the Taxpayer Advocate Service: https://www.taxpayeradvocate.irs.gov/
Have questions or need representation?
Optimum Business Services is here to help you navigate IRS issues with confidence and clarity.
Call us at (773) 257-0911
Visit www.optimumchicago.com
Email: info@optimumchicago.com
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