Community College Rejected Tax Transcripts?

4kidsdad
Sun, 19 Jul 2015 14:18:10 +0000

See IRS Statutes of Limitations for Tax Refunds, Audits, and Collections

The IRS has three years to give you a refund, three years to audit your tax return, and ten years to collect any tax due.

However,

Exceptions to the 3-year statute of limitations on assessments and audits:
•The IRS has six years from the date a return is filed to audit a tax return and to assess additional tax if the taxpayer omits income that amounts to more than 25% of income that was reported on the tax return.
•The IRS also has six years to audit a tax return and assess additional tax on income related to undisclosed foreign financial assets if the omitted income is more than $5,000.
•The statute of limitations on audits and assessing additional tax remains open indefinitely if the taxpayer files a false or fraudulent tax return.