Diane report $120,000 of taxable income on her 2019 tax return, filed April 19,2020. She omits...
Diane report $120,000 of taxable income on her 2019 tax return, filed April 19,2020. She omits $40,000 of income, but the error was not fraudulent. when does the statute of limitation for examining her tax return expire? A. April 15,2026. B. April 19,2026. C. April 15,2023. D. April 19,2023
Homework Answers
Answer is Option B) April 19, 2026
The statute of limitations for the IRS to assess taxes on a taxpayer expires 3 years from the due date of the return or the date on which it was filed, whichever is later. the IRS statute of limitations gets extended for an even longer time when there is substantial omission (more than 25% ) of Gross income on the return. in these cases the time limit is 6 years from the date of return filed or deemed filed, whichever is later
Accordingly in the given case since income omitted is greater than taxable income by 25% statue of limitation will be 6 years from the date of filing
Answer is Option B)
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