IRS Installment agreement term

[tome103]

I have an installment agreement with the IRS that has been in place for right at 10 years now. It includes personal income taxes due and employment taxes that were behind in my business at the time. I have made timely payments every month and they have kept tax incentives and overpayments over the years. There is still a balance, but I was just told by a friend they only have ten years to collect, even though the agreement was based on a monthly payment amount which would naturally take much longer. They never placed a lien, just this installment agreement. Is this true? And if so, what do I need to do to get the agreement noted as paid in full or whatever it would be. Your advise and direction is valued please.

 

[army judge]

I have an installment agreement with the IRS that has been in place for right at 10 years now. It includes personal income taxes due and employment taxes that were behind in my business at the time. I have made timely payments every month and they have kept tax incentives and overpayments over the years. There is still a balance, but I was just told by a friend they only have ten years to collect, even though the agreement was based on a monthly payment amount which would naturally take much longer. They never placed a lien, just this installment agreement. Is this true? And if so, what do I need to do to get the agreement noted as paid in full or whatever it would be. Your advise and direction is valued please.

I suggest you speak with an attorney, and not a friend.
This is a serious legal matter.
You have much to lose if you act incorrectly.
Speak with the IRS about your beliefs, or an attorney.
The initial consult with an attorney is ofetn at no cost to you.

 

[tome103]

Thanks. Can you recommend a tax attorney who would answer this for free. I'm not employed at this time.

 

[army judge]

Thanks. Can you recommend a tax attorney who would answer this for free. I'm not employed at this time.

Ask around your home town. As I said, the initial consultation is often provided at no charge.

 

[irsmedic]

10 years from date of assessment. Many people do pay less than they owe by taking advantage of this rule. Call the IRS and ask what the CSEDs are. Theat isthe last date they have to collect.