IRS Installment agreement term

[Tom103]

I am in Georgia

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.

 

[davew128]

What happened when you called the IRS about your account?

 

[Tom103]

have not spoken to them yet

 

[davew128]

And yet you're online asking us instead of on the phone asking THEM. Your account is unique to you and they are the only ones with the answers as to it is the way it is.

 

[LdiJ]

I am in Georgia

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.

There is a 10 year statute of limitations. However, I expect that when you agreed to the installment agreement and kept paying it, you extended the statute of limitations. I suspect that is what the IRS will tell you when you call them.

 

[davew128]

There is a 10 year statute of limitations. However, I expect that when you agreed to the installment agreement and kept paying it, you extended the statute of limitations. I suspect that is what the IRS will tell you when you call them.

While that is a possibility, I have a hard time imagining it being done 10 years ago when the agreement was made. It is typically done when there is a short period til the SOL closes and the taxpayer has the ability to pay before it does but only at extreme hardship or someone in collection difficulty and an RO uses a wage levy close to the SOL to try and force someone to sign an extension.

However it sounds like our OP has no idea which is why he should call and find out.