Question

For the 2018 tax returns, indicate when the statute of limitations expires and why. Although required...

For the 2018 tax returns, indicate when the statute of limitations expires and why.

Although required to file, Catherine chose not to file a tax return this year because she was expecting a tax refund and could not pull together all the information needed to file the return. Yes? No? Why?
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

For 2018 Tax Returns, the due date for filing Federal income tax returns is 15 April 2019. The statue of limitations expire after a period of three year from the date on which return is filed or due date whichever is later.

It is because Tax Department to take speedy action against Tax Evaders. Also Tax Department cannot have a right to sue for tax default over a lifetime. Thus statue of limitation is fixed.

Catherine shall file the Tax refund return within a maximum period of 3 year of the due date to Claim her Refund. Otherwise the same shall expire and become non refundable. So Catherine can file the return upto 3 years.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
8) For the following taxpayers indicate whether the taxpayer should file a tax return and why....
8) For the following taxpayers indicate whether the taxpayer should file a tax return and why. a. Robert earned $50,000 this year as a staff accountant. His estimated tax liability is $4,500, and he expects to receive a $500 tax refund. b. Amy earned $4,000 this year working part-time. She will have no federal tax liability and has not made any federal tax payments. c. Ty earned $2,500 this summer and had $200 of federal taxes withheld from his paycheck....
This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives...
This problem is for the 2018 tax year. Roberta Santos, age 41, is single and lives at 120 Sanborne Avenue, Springfield, IL 60781. Her Social Security number is 123-45-6780. Roberta has been divorced from her former husband, Wayne, for three years. She has a son, Jason, who is 17, and a daughter, June, who is 18. Jason's Social Security number is 111-11-1112, and June's is 123-45-6788. Roberta does not want to contribute $3 to the Presidential Election Campaign Fund. Roberta,...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and...
Develop a 2018 individual tax return (with all required forms and supporting schedules) for Rob and Laura Petrie that is both professional in appearance and technically correct. The use of tax software or a professional tax preparer to complete this project is prohibited. You can access fill-in forms (in pdf format) on the IRS website (www.irs.gov) by clicking on “More” on the left side of the homepage in the “Forms and Pubs” section. Next, click on the “Current Forms and...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, and Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans recorded the following receipts. Salaries ($60,000 for Lance, $46,000 for Wanda) $106,000 Interest income— City of Albuquerque general purpose bonds $1000 Ford Motor Company bonds...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income— City of Albuquerque general purpose bonds $1,000 Ford Motor company bonds...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are...
Note: This problem is for the 2018 tax year. Lance H. and Wanda B. Dean are married and live at 431 Yucca Drive, Santa Fe, NM 87501. Lance works for the convention bureau of the local Chamber of Commerce, while Wanda is employed part-time as a paralegal for a law firm. During 2018, the Deans had the following receipts: Salaries ($60,000 for Lance, $41,000 for Wanda) $101,000 Interest income—    City of Albuquerque general purpose bonds $1,000    Ford Motor company bonds...
Henry Magruder made a mistake—he left a CD at the coffee station. Later, when Iris Majwubu...
Henry Magruder made a mistake—he left a CD at the coffee station. Later, when Iris Majwubu was topping off her mug with fresh tea, hoping to wrap up her work on the current SQL code module before it was time to go home, she saw the unlabeled CD on the counter. Being the helpful sort, she picked it up, intending to return it to the person who’d left it behind. Expecting to find perhaps the latest device drivers, or someone’s...
Under the LB&I Directive on Information Document Requests Enforcement Process, all of the following are part...
Under the LB&I Directive on Information Document Requests Enforcement Process, all of the following are part of the mandatory enforcement process, except: Delinquency Notice. Notice of Deficiency. Pre-summons Letter. Summons. Miles Patrick’s timely filed Form 1040 for the 2010 tax year is selected for audit and the Service ultimately issues a timely SNOD asserting $100,000 in additional tax due arising from Miles’ failure to substantiate business expenses. (The Service never provided Miles with a 30-day letter). Miles does not file...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages...
Note: This problem is for the 2018 tax year. David R. and Ella M. Cole (ages 39 and 38, respectively) are husband and wife who live at 1820 Elk Avenue, Denver, CO 80202. David is a self-employed consultant specializing in retail management, and Ella is a dental hygienist for a chain of dental clinics. David earned consulting fees of $145,000 in 2018. He maintains his own office and pays for all business expenses. The Coles are adequately covered by the...
Instructions: Please complete the 2017 federal income tax return for Magdalena Schmitz. Ignore the requirement to...
Instructions: Please complete the 2017 federal income tax return for Magdalena Schmitz. Ignore the requirement to attach the form(s) W-2 to the front page of the Form 1040. If required information is missing, use reasonable assumptions to fill in the gaps. Make sure you include all necessary schedules and tax forms. Magdalena Schmitz has undergone some major changes in her life recently. In 2015, at the age of 46, her husband, Roger, passed away. Magdalena has not remarried as of...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT