The Holdings Calculator permits you to calculate the current value of your gold and silver. 1  Enter a number Amount in the left text field. 2  Select Ounce, Gram or Kilogram for the weight. 3  Select a Currency. NOTE: You must select a currency for gold first, even if you don't enter a value for gold holdings.
After the debt is put on the IRSâs books (assessed), the IRS has 10 year to collect the tax debt from you. The legal reference is Internal Revenue Code 6502(a)(1). During those 10 years, the IRS can levy your wages, your bank account, or take your property (possible but unlikely).
Under Federal law, there is a time restriction on how long the IRS has to collect unpaid taxes. This time restriction is most commonly known as the statute of limitations. For most cases, the IRS has 3 years from the date the return was filed to audit a tax return and determine if additional tax is due. After the IRS determines that additional taxes are due, the IRS has 10 years to collect unpaid taxes. Most taxpayers can rest assured that after 3 years, it is highly unlikely that the IRS will attempt to audit them and assess additional taxes against them. However, there are certain exceptions to these rules.