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Alisson Ward

Tax Professional | Content Writer

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What is My ‘Right to Finality?’

The Taxpayer Bill of Rights is a document made public by the IRS as part of their endeavors to serve the public. Taxpayers have a right to know how long they have to dispute the IRS’s decisions as well as how long the IRS has to audit a specific tax year or pursue unpaid taxes. The IRS must inform taxpayers when an audit is complete.

What to Expect

  1. When you file your return, the IRS typically has three years to assess any additional taxes for that year. This rule has a few confined exceptions. For instance, the IRS has an infinite amount of time to assess tax for that tax year if you fail to file a return or you file a false or fraudulent return.
  2. The IRS has ten years from the date of assessment to collect unpaid taxes. Only taxpayers who engage into installment arrangements or when the IRS receives court judgments are eligible for this extension. If the taxpayer files for bankruptcy and the IRS is unable to collect any money from them, or if the person is a party to an ongoing collection case, the IRS may suspend this 10-year collection.
  3. A letter recommending more tax that the taxpayer owes is known as a statutory notice of shortfall. The due date for submitting a petition to the tax court to dispute the proposed amount must be included in this notice.
 

Quick Fact

The right to finality not only benefits taxpayers but also helps the IRS by setting clear time limits for resolving tax matters. It encourages timely resolution and allows both parties to move forward with confidence, knowing that there is a definitive timeline for addressing tax issues.

If you are having trouble with your appeals and petitions, it is high time to seek the advice of professionals. Call 800-493-8308 to set up a FREE consultation with us now and learn more about how you can avail tax relief and/or support.

Frequently Asked Questions: Right to Finality

The right to finality provides clarity and certainty regarding the timeframe within which taxpayers can address their tax matters.

The right to finality benefits both taxpayers and the IRS. For taxpayers, it provides a sense of closure and certainty by setting clear time limits for resolving tax matters. For the IRS, it promotes efficiency, ensures fairness, and allows the IRS to focus its resources on timely resolving tax matters.

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