Hi I'm Lawrence Lawler national director of the American Society of tax problem solvers this series is on how to prepare for an IRS audit the first thing that we're going to be discussing is the length of time that the IRS is able to audit your tax return that's commonly referred to as the statute of limitations the statute of limitations varies depending upon the situation the taxpayer finds themselves in normally for most taxpayers the statute runs three years and that would be three years from the due date of the tax return or the data was actually filed whichever is later so if you didn't file your return on time the three years that they are able to audit you didn't start until you actually filed it also if an extension was filed then the three years doesn't start until the extension due date so you could have a return run from April fifteenth for three years or from October fifteenth which is the extension due date for three years or in fact from any other date when you actually filed the return it would be later than those dates they have three years in which to audit the tax return under normal situations obviously every situation with the IRS is not normal you may get into a situation where the IRS could audit tax return for up to six years and that usually happens when there has been a material misstatement generally defined as twenty-five percent of income that was not reported so at that point time the IRS can show that there was a material misstatement that your income was under reported by twenty-five percent they actually had none have six years in which to audit you this does not involve fraud it's not a...
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Should i sign 872 Form: What You Should Know
Tax Adviser is not required to file these forms until the deadline. This is why filing a “form 872” is useful for a wide range of non-commercial purposes, such as for the “case of the week” on IRS.gov. “Form 872” is also called “Consent to extend the time to assess.” This form may be useful in tax planning situations. “ For the most commonly needed IRS tax preparation services and publications, visit.
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