The statute of limitations for IRS collections is 10 years. However, the statutory period is extended if you file bankruptcy, submit an offer in compromise, or enter into an installment agreement.

Yes. The IRS will take your refunds until the balance is paid off in full.

The easiest way to view your outstanding balances is by creating an online account on the IRS website. Otherwise, you can also call the IRS.

The IRS will enforce the collection by fling a lien and/or levy. They can also send your account to a private collections agency. Also, if you owe more than $53,000 (adjusted annually each November for inflation), the IRS may send a notice to you and the State Department that you have seriously delinquent tax debt. The State Department can then restrict, deny, or revoke your passport.

To settle your taxes for less than you owe, you would need to qualify for an offer in compromise (a tax settlement). Your qualification is determined by making the calculations to see if you can pay the tax owed with assets or future monthly payments before the collection statute expires. If you cannot pay, you qualify to submit an offer in compromise. Generally, the IRS will want an amount that is equal to your reasonable collection potential (RCP). RCP is a computation based on your future collectability, which considers your assets and monthly disposable income as well as the offer payment method selected by you.