Congress has effectively overruled the Supreme Court in extending the statute of limitations for auditing certain types of tax returns.
Tax preparers are generally familiar with the three-year statute of limitations, under which the IRS has three years to assess income, employment, or estate or gift tax due after a return is filed. And they know that the three years can be doubled to six years if the amount that is omitted from gross income is more than 25% of gross income stated in the return.
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access