Question

What is the general period of limitations on assessment of income tax?

Answer 1

Answer:-

Limitations for the IRS to assess taxes on a taxpayer expires three (3) years from the due date of the return or the date on which it was filed, whichever is later. A return is considered to be filed on the due date of the return if it was filed on or before its due date.

An assessment occurs when an IRS officer signs a certificate of assessment stating the amount owed by the taxpayer.

If Omission is more than 25 percentage of gross income on the return limitations gets extended for an even longer time and can be stretched out to six (6) years from the date the return is filed or deemed filed, whichever is later.

IRS filing suit against the taxpayer to collect previously assessed taxes have ten years to pursue legal action and collect on tax debt using the considerable resources at its disposal, which include levies and wage garnishments.