Tax
Aug. 5, 2015
New law clarifies when IRS gets more time to audit
A bill signed by the president on Friday clarifies what constitutes an "omission" so as to trigger the extended statute of limitations. Presumably, the California Legislature will follow suit. By Bruce Givner and Owen Kaye
Normally the Internal Revenue Service has three years to audit tax returns. So if
you filed your personal income tax return - IRS Form 1040 - this year on April 15,
the IRS must start and complete its audit of the return by April 15, 2018. Of course,
if you are waiting until the extended due date, Oct. 15, to file your return, the
IRS must complete its audit by Oct. 15, 201...
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