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CSED Tax Resolution: There is More to Know

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CSED: There Is More To Know

Hi. David Stone, IRS Solutions Software, a Tax Pro’s Best Friend.

Did you know that the IRS has something called a Collection Statute Expiration Date, better known as CSEDs, on the liabilities due to them? What this basically means is that the IRS has 10 years to collect the balances due to them. If the IRS does not collect those balances due within the 10 year period, they just simply have to write off those balances and they can never collect them.

Now one of the things that you could do, as a representative or a taxpayer, is explain this to your clients and help them to see if they can use this to their advantage. I have seen many cases where clients have owed hundreds of thousands of dollars and they were just written off, simply because the IRS let the statute expire. They never took enforcement action on those monies.

So basically, if you have a client that owes any amount of money and they have owed it for 8 or 9 years, there is a good chance that the IRS may never go after them and collect those monies. Now that 10 year period of collections is pretty standard, but there’s a lot of exceptions to the rules and those are the things that you need to know. Such as, if you do anything that would stop the IRS from doing collection actions, that would extend the CSED period.

So anything that stops the IRS from taking enforcement actions would include: filing a suit, going to appeals, or doing an Offer in Compromise. So before you take those actions, you need to examine exactly what the CSED is for that client.

So with that said, we have a half-hour 45-minute class I believe just on CSEDs and if you go to you can get a FREE 14-day trial which includes all the tools in our toolbox that will help you to help your clients. And you will look like a pro when you are helping them!

Again, this is David Stone, IRS Solutions Software, a Tax Pro’s Best Friend. We look forward to seeing you later!

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