In this article, George Hani and Tyler Jackson examine key considerations, given today's tax enforcement environment, for the inevitable request from an Internal Revenue Service (IRS) examiner for taxpayer consent to extend the statute of limitations. The authors review the statutory framework governing assessment and refund statutes, as well as the procedural and strategic considerations that arise at Exam, Appeals, and in litigation. The authors analyze how agreeing – or declining – to extend the statute can affect issue resolution, publicity, cash flow, and the likelihood of settlement. They conclude that taxpayers should understand the governing rules and practical consequences in order to make an informed, strategic decision regarding statute extensions.