The IRS reserves the right to audit any tax return for any reason. Your readings this week
Question:
The IRS reserves the right to audit any tax return for any reason. Your readings this week introduced you to the audit process, which is an important part of a tax professional's job any time an audit occurs.
These questions will check your understanding of that process.
In a Word document, answer the following questions:
Describe the significance of a "30-day letter" and "90-day letter" as each relates to the IRS audit process.
The Internal Revenue Code sets a limit on the amount of time the IRS can assess a tax. Provide an example of when each of the following assessment statute of limitations would apply:
3-year statute of limitation
6-year statute of limitation
No statute of limitation
The Internal Revenue Code also sets a limit on the amount of time a taxpayer can receive a tax refund. What is the statute of limitation for a refund claim?
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill