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Learn About The Time Limits To Claim a Refund and Take Advantage Of The Tax Statute Of Limitations on Collections
Just like with other legal systems in our country, there is a maximum period of time that the IRS and many state tax agencies can act. Generally speaking, the IRS Tax Statute of Limitations works two ways: it imposes a time limit on how long the IRS can collect taxes you owe, and puts a limit on how long you have to claim a tax refund. When you work with knowledgeable CPAs, tax attorneys, and Enrolled Agents, you can take maximum advantage of these statutes to potentially eliminate your tax debt or claim refunds owed to you from previously unfiled tax returns.
How We Can Help You Benefit from the IRS Statute of Limitations
The Collection Statute End Date (CSED) for the IRS to collect is generally 10 years from the date the tax was assessed—NOT when the tax was due. For example, if you file a return late, the statute starts when you file. Certain factors, such as filing bankruptcy or an Offer in Compromise, extend the statute of limitations. We can advise you of the CSED for a tax period and determine whether or not to file an Offer in Compromise, or instead, secure an Uncollectable Status and wait out the Statute of Limitations on Collection.
If you are owed a refund, you generally have three years from the date the return was due, or two years from when the tax was overpaid, to file and claim your refund. If you don’t act within the statute, the refund is gone forever. Every year, millions of dollars are left on the table because of expired refunds. Because we are a tax resolution firm, we’re better positioned than the normal CPA firm or law firm to help you claim your refund in time!
However, there is an exception to the statute of limitations for claiming refunds, and that if for Financial Disability. To qualify for this little known provision, one has to be unable to manage his or her financial affairs when the regular statute of limitations expired for getting a refund. Lothamer has experience with using this little-known provision, and has gotten refunds that were over 20 years old, and IRS paid interest on those refunds for all those years
I want to thank Lothamer Tax Resolution for their factual, conceptual and procedural knowledge used to effectively resolve my tax problems. Problems that many other agencies considered too complicated to solve. Their professionalism, patience, compassion and determination will never be forgotten. I highly recommend them without reservation.
I was very satisfied with my services and the amount I had to pay off my debt.
Lothamer took care of my IRS tax needs in a very efficient manner. Convenient and expedient, kindness without judgment. The IRS worked with Lothamer quickly. An installment payment that I can afford on a fixed income. Andrew Campbell provided excellent service. I could not have done this alone.