Recently there have been a handful of important changes impacting relations between the IRS and taxpayers. The IRS has ended some of its programs while starting a new one, and new laws have changed the rules affecting some dealings with the IRS. Here is a roundup of some of the recent changes.
Six-Year Statute of Limitations
While the IRS usually has three years from the due date of the return to commence an audit (Code Sec. 6501(a), the IRS has six years in which to act when a taxpayer omits 25 percent from gross income, provided the omission is more than $5,000 (Code Sec. 6501(e)(1)). The question of what constitutes “gross income” for this purpose may not always be clear.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
