Regarding the statute of limitations on additional assessments of tax by the IRS, select the applicable...

Regarding the statute of limitations on additional assessments of tax by the IRS, select the applicable date in each of the following situations. Note: Assume a calendar year individual with no fraud or substantial omissions involved. a. The income tax return for 2018 was filed on March 3, 2019. The three-year statute of limitations will begin to run on . b. The income tax return for 2018 was filed on August 13, 2019. The statute of limitations will begin to run on . c. The income tax return for 2018 was prepared on March 31, 2019, but was never filed. Through some misunderstanding between the preparer and the taxpayer, each expected the other to file the return. The statute of limitations . d. The income tax return for 2018 was never filed because the taxpayer thought no additional tax was due. The statute of limitations .

Expert Solution

If the return is filed early within the due date, the three-year period of limitation begins to run from due date of return which is usually April 15 for calendar year individual tax payer. If the return is filed after the due date, the limitation shall start from the date of filing of return. In the given question, return for 2018 has been filed with due date of April 15, 2019.

Hence, the three-year statute of limitations will begin to run on April 15,2019

If the return is filed early within the due date, the three-year period of limitation begins to run from due date of return which is usually April 15 for calendar year individual tax payer. If the return is filed after the due date, the limitation shall start from the date of filing of return. In the given question, the return for 2018 has been filed after due date on August 13,2019.

Hence, the three-year statute of limitation will begin to run on August 13, 2019.

There would be no statute of limitation in given case as the return has never been filed. Failing to file tax return results in penalty.
As the taxpayer did not file any return, the statute of limitation would not exist like case c. The taxpayer needs to file return to provide all information and then resolve the case.

ekkarill92 answered 1 month ago

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