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Wednesday, March 19, 2014
What are the IRS Time Limits for Tax Audits, Tax Collections, and Tax Refunds?
The IRS only has a specific time limit to assess, credit, refund, and collect taxes. This time limit, a "Statute of Limitation" is required by the Internal Revenue Code.
How Long Can the IRS Assess Taxes?
The IRS only has 3 years after the tax return is filed to assess taxes. However, there are some important exceptions: fraudulent returns, substantial omission of income, and NOL carryback years.
For more information, see "Tax Audits, Tax Refunds, and Tax Collections: Are There Any Time Limits?"