"Irs Statute Of Limitations 6 Years"

The Internal Revenue Service (IRS) has a statute of limitations for assessing taxes that is six years. Knowing this time frame can help taxpayers avoid potential costly consequences due to delayed filing and incorrect reporting. This six year period begins when the tax return is filed or the due date, whichever comes first.

If a taxpayer does not file their taxes within the time frame allowed by the IRS, then they are subject to penalties and interest for late filing or filing an incorrect return. There are some exceptions to this six year statute of limitations that may allow taxpayers additional time to pay any outstanding taxes owed. For example, if a taxpayer omits more than 25% of their income reported on their tax return, then the IRS can assess taxes up to seven years from when it was initially filed.

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