Finance Exam Prep

Ran Chen, EA, CFP®

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Enrolled Agent Exam [Part 1] 86, Statute of Limitations - Assessment and Collection

4/11/2026 • 3 min

This podcast is made by Ran Chen, who holds an EA license, Insurance and Securities licenses (Series 6, 63, 65), and the CFP® designation. He is passionate about opening access to high-quality exam preparation resources and helping learners prepare more effectively for professional certification exams. In this episode you will learn: • The general three-year statute of limitations for the IRS to assess additional tax and how filing dates affect it. • The six-year assessment statute for substantial understatements of gross income, including how to calculate the 25% threshold. • Situations where no statute of limitations applies, such as failure to file or filing a fraudulent return. • The distinct ten-year statute of limitations for the IRS to collect tax after an assessment has been made. • A simple mnemonic '3-6-10-Infinity' to remember the key periods for assessment and collection. For more free exam prep tools, practice questions, and AI-powered explanations, visit https://open-exam-prep.com/ or Youtube Channel: https://www.youtube.com/@Open-exam-prep

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