Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2016 tax return.

Question:

Alison accidentally omitted $40,000 of gross income from the restaurant she owned on her 2016 tax return. The return showed gross income of $150,000 when filed on October 15, 2017. When can the IRS no longer pursue Alison with the threat of collection of the related tax, interest, and penalties (assuming there was no fraud)?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  answer-question

Taxation For Decision Makers 2018

ISBN: 9781119373735

8th Edition

Authors: Shirley Dennis Escoffier, Karen Fortin

Question Posted: