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Statute of Limitations: What You Need to Know about IRS Audits

Statute of Limitations: What You Need to Know about IRS Audits

By on Jun 13, 2018 in IRS Audit | 0 comments

Statute of Limitations: What You Need to Know about IRS AuditsOne of the most common questions that get asked of debt relief counseling firms is whether there is a statute of limitations on Internal Revenue Service (IRS) audits. There is a simple answer to these and then there is a not so simple one. Let’s take a moment to look at this question in better detail and then address how you can protect yourself and your financial future if ever you do have to endure an audit.

First Thing’s First…


First the simple answer. In short, yes there is a statute of limitations on how long the IRS has to audit your tax return. That period, known as the ASED or Assessment Statute Expiration Date, is in most cases three years from the tax filing deadline date of the year the return is due for. For example, for 2014 taxes, the filing date was Wednesday, April 15, 2015. With that in mind, the statute of limitations for an audit of that return would be Tuesday, April 17, 2018. So now those returns would be excluded from the ability to be audited in most cases. The important part of that statement is ‘in most cases’ and that’s where we get to the not so simple answer to the question.

ASED: What You Need to Know


While the ASED is usually 3 years, this period can be retroactively extended to a period of six years from the date the return is filed (national tax day for individuals or the date of the periodical tax filing date for businesses), if there is a qualifying set of conditions. The qualifying set of conditions most commonly imposed is the discovery of the fact that the taxpayer omitted income from the return in question that was in an amount of greater than 25% of the income total that was reported on the original tax return. If this condition is active then the IRS can assess additional taxes due on the difference in the income true value versus the amount that was reported and thus taxed on the original return. The IRS may also assess additional penalties and interest due on both the original payment due amount and the new taxes due (retroactive to the date of the original return).


Tax Debt Relief Assistance: Why You Need It


A tax debt relief company can work with the IRS to help get you a fair audit, a lower tax bill, and flexible options to delay your payment and/or establish a payment plan to get the debt cleared. Success Tax Relief will work with your accountant, your legal representation, and with the IRS to get your audit and tax debt put behind you so you can move on with your life.


If you have been given notice that you are the subject of an audit, call your accountant, call your lawyer, and then call us. You can reach us at 877-825-1179, or you can use our online contact form. We look forward to hearing from you soon, and to helping you with your tax debt issue.

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