How Long Are You on the Hook for a Tax Assessment?
Category: Tax Central Tags: Tax Planning Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% Ten-year Collection Period Tax Records A frequent question from taxpayers is: how long does the IRS have to question and assess additional tax on my tax returns? For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications: You file before the April