What is irs code 680?

Every tax settlement has a collection statute (CSED) expiration date. Section 6502 of the Internal Revenue Code states that the length of the collection period after the evaluation of a tax liability is 10 years. The expiration of the collection law ends the government's right to request the collection of liability. In addition to the taxable Transaction Code (TC) 150, there are other TC codes that have their own CSEDs.

This limited and temporary use of transaction code 530 with closing code 39 requires guidance from Headquarters.