Answer: B ( May 15th 2021)
Henry filed his tax return on May 15th 2021 According to the rules of IRS statue of limitations.
Henry filed his 2017 tax return on May 15th, 2018. The statute of limitations for IRS...
Henry filed his 2018 tax return on May 15th, 2019. The statute of limitations for IRS assessment on Henry's 2018 tax return should end: A. May 15th, 2021. B. None of the choices are correct. C. April 15th, 2021. D. May 15th, 2022. E. April 15th, 2022. If a taxpayer requests an extension to file her individual tax return, the latest she could file her return without a failure-to-file penalty is: A. November 15th....
Allen filed his 2019 tax return on May 15th, 2020, and underreported his gross income by 30 percent. Assuming Allen's underreporting is not due to fraud, the statute of limitations for IRS assessment on Allen's 2019 tax return should end: Multiple Choice May 15th, 2022 April 15th, 2022 May 15th, 2023 April 15th 2023
Adamo filed his 2017 tax return on March 15, 2018. Adamo accidentally omitted $10,000 of income from his individual tax return. The total gross income shown on the tax return was $35,000. When will the statute of limitations expire for Adamo’s 2017 tax return? March 15, 2021 March 15, 2024 April 15, 2024 April 15, 2021
Regarding the statute of limitations on additional a5sessments of tax by the IRS, detennine the applicable period in each of the following situations. Assume a calendar year individual with no fraud or substantial omission involved. a. The income tax return for 2017 was filed on February 19, 2018. b. The income tax return for 2017 was filed on June 25, 2018. c.The income tax return for 2017 was prepared on April 4, 2018, but was never filed. Through some misunderstanding...
Evelyn filed her 2015 tax return on March 17, 2016. The statute of limitations for Franchise Tax Board (FTB) to assess tax for this tax year would therefore expire on what date? A. April 15, 2017 B. April 15, 2018 C. April 15, 2019 D. April 15, 2020
December 31st, 2020, April 15th 2020, or March 3rd, 2020 December 31st, 2020, August 13th 2020, or April 15th, 2020 Will begin on December 31 2020, will begin on March 31, 2020, will begin on April 15th, 2020, or will not begin to run Will not begin to run, will begin to run April 15th, 2020, or will begin on December 31st, 2020 Note: Assume a calendar year individual with no fraud or substantial omissions involved. a. The income tax...
IRS Practice & Procedure In year 1, X timely filed his income tax return. X properly owed and paid tax for that year. In year 4, X incurs a net operating loss. What is the statute of limitations for obtaining a refund for year 1 taxes upon the carryback of the loss? Explain.
The IRS is disputing a deduction reported on your Year 1 tax return, which you filed on April 12 of Year 2. On April 4 of Year 5, the IRS audit agent asks you to waive the statute of limitations for the entire return so as to give her additional time to obtain a Technical Advice Memorandum. The agent proposes in return for the waiver a “carrot”—the prospect of an offer in compromise—and a “stick”—the possibility of a higher penalty....
QUESTION 20 Stanley Strummer had the following items on his timely filed 2018 income tax return: Gross receipts $1,000,000 Cost of goods sold ($750,000) Capital gain Capital loss $50,000 ($75,000) Stanley inadvertently omitted some income on his 2018 return. What is the statute of limitations if he omitted $300,000 income on the return?
36. LO.5 With regard to the IRS audit process, comment on the following: a. The audit is resolved by mail b. The audit is conducted at the office of the IRS. c. A "no change" RAR results. d. A special agent joins the audit team. 37. LO.5 Aldo has just been audited by the IRS. He does not agree with the agent's findings but believes that he has only two choices: pay the proposed deficiency or resort to the courts....