Q: Can the irs levy my bank in a 10 year old debt?
Recently the irs sent me a statement on a 10 year old tax debt (2007) attempting to collect $150k. My question is can they legally levy my bank on that old of a debt or just keep sending me statements? And would bankruptcy be my best option?
A: In formulating a strategy for dealing with the IRS and in evaluating your options, it is critical that you accurately determine the date the collection statute expires. The IRS has incorrectly calculated the CSED on many prior occasions. Consult with an experienced tax professional before providing any financial information to the IRS collection office.
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