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).
However, in the long run, taxes may be less certain. With some debts, such as medical bills or credit card debt, the statute of limitations can cut off a creditor who might try to sue you over an old debt. How far back the IRS can go to collect back taxes depends on your circumstances. Federal law sets limits, known as collection statute expiration dates, on how long the IRS can collect back taxes from taxpayers. After the expiration date passes, the IRS can't try to make you pay your old taxes.