Statute of Limitations:
three years from the later of the date the tax return was actually filed or its due date.
six years applies if the taxpayer omits items of gross income that in total exceed 25% of the gross income reported on the return.
Remains open indefinitely if a fraudulent return or if no return is filed
Interest:
Interest accrues on both assessments of additional tax due and on refunds that the taxpayer recieves from the government.
Penalties:
Various nondeductible penalties are imposed on the net tax due for failure to comply, including:
"You don't want to know"
One more year until I'm out of tree work and become a CPA. Who hates me?
three years from the later of the date the tax return was actually filed or its due date.
six years applies if the taxpayer omits items of gross income that in total exceed 25% of the gross income reported on the return.
Remains open indefinitely if a fraudulent return or if no return is filed
Interest:
Interest accrues on both assessments of additional tax due and on refunds that the taxpayer recieves from the government.
Penalties:
Various nondeductible penalties are imposed on the net tax due for failure to comply, including:
"You don't want to know"
One more year until I'm out of tree work and become a CPA. Who hates me?
