Collection Period

Collection Period

Collection Period means:
the period during which a tax may be collected by the U.S. Internal Revenue Service. After assessment of a tax by the IRS, the tax may be collected by levy or by a court proceeding. The proceeding must be started within 10 years after the assessment or within any period for collection agreed to in writing between the taxpayer and the U.S. Internal Revenue Service (IRS) before the end of the 10-year period.


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