Statute of Limitations

Statute of Limitations

Statute of Limitations means:
the time period during which the U.S. Internal Revenue Service may assess an additional tax or collect a tax or the taxpayer can file an amended return claim for refund. It is a statute limiting the period within which a specific legal action may be taken, such as the collection of tax, appeal from a decision of the tax authorities or lower court, etc. The statute of limitations is generally 3 years from the due date of the return or the date of its filing or, if later, 2 years from the date the tax was paid. The period can be extended by agreement between the taxpayer and the IRS. It is also extended to 6 years for material omissions, and the statute does not apply if a required return is not filed or is fraudulent. Former IRC (check if this IRC provision is current here) §§6501 to 6504.


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