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).
The IRS generally has three years to audit your income for any given tax year and has ten years to collect taxes if you fail to file, possibly longer if fraud or tax evasion is alleged. Actually filing your back taxes will set this statute of limitations into motion, whereas failing to file will leave the statute in limbo, potentially never activating.