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Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2017 tax...

Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2017 tax return. The return showed gross income of $150,000 when filed on October 15, 2018. When can the IRS no longer pursue Alison with the threat of collection of the related tax, interest, and penalties (assuming there was no fraud)?

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Answer #1

As accidently alison omitted $40000 income in her 2017 return which was more than 25%(40000/150000*100=27%) of gross income reported for 2017 hence statue of limitation extends to 6 years. So the date is 15 october 2024(15 october 2018-15 oct 2024 6 years)

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