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What is the Statute of Limitations with the IRS?

What is the Statute of Limitations with the IRS?
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9/21/2013
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Megan C :

Hello! I am a CPA here to assist you with your tax questions. My goal is to provide you with excellent service today.

Megan C :

How are you today?

Megan C :

The statute of limitations for the IRS is 3 years, unless you have a 20% or more understatement of income

Megan C :

and then the statute is 6 years.

Customer:

Fine just needed to know what the Statute of limitations is with the IRS?

Megan C :

There is no statute of limitations if you do not file your tax return

Customer:

Filed underpaid in 2000.

Megan C :

So long as the underpayment was not related to fraud, then you are well past the statute of limitations

Customer:

Thank you. What is the Statue?

Megan C :

3 years generally, 6 years if you have more than 20% underpayment

Customer:

Thank you, XXXXX XXXXX good weekend.

Megan C :

You too If you would please rate my response as excellent

Megan C :

so that I may receive credit for assisting you today

Customer:

Already rated the contact as excellent.

Megan C :

You can rate using the feature along the bottom of the screen

Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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Thanks, Arlene for your positive rating. Please come back and visit me any time you have a question that needs answered. It's a pleasure working with you today.
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Megan C
Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16,581
16,581 Satisfied Customers
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

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