During a ﬁeld examination of GNT’s income tax returns for 2012 and 2013, the revenue agent discovered that the treasurer had systematically omitted substantial income items and inﬂated deductions to minimize the corporation’s tax. The agent suspects that the treasurer adopted this deliberate course of action as early as 1998. Can the IRS initiate an audit of GNT’s tax returns all the way back to 1998? Explain brieﬂy.
Answer to relevant QuestionsOne way for the federal government to increase tax revenues would be to enact either a VAT or a national retail sales tax. The U.S. sales tax could be collected in the same manner and at the same time as state and local ...Discuss the policy reasons for a statute of limitations for tax returns. Mr. Stanhope has an MBA degree from Stanford University and has been in business for himself for 18 years. The revenue agent who audited his Form 1040 discovered a glaring error resulting in a $16,200 understatement of tax. ...Mr. and Mrs. Boyd Knevel use a ﬁscal year ending July 31 as the taxable year for ﬁling their joint Form 1040. a. What is the last date on which the Knevels can apply for an automatic extension of time to ﬁle their ...Locate information on the procedure by which an individual taxpayer can request a photocopy of a prior-year federal income tax return. What is the number of the form to request a photocopy? Does the IRS charge a fee for this ...
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