AICPA每日一练之REG【2016-1-15】

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An individual taxpayer agreed to a finding of fraud on an income tax return filed two years ago. What is the maximum time limitation, if any, after which the IRS may not assess any additional taxes against the taxpayer for this tax return?

a. Two years.

b. Three years.

c. One year.

d. There is no time limitation.

Answer:D

Choice "d" is correct. There is no statute of limitations for fraud or filing false tax returns.

Choice "c" is incorrect. There is no one year statute of limitations for assessment of tax.

Choice "a" is incorrect. There is no two year statute of limitations for assessment of tax.

Choice "b" is incorrect. The three year statute of limitations will apply to good faith mistakes with an understatement of income of less than 25%.

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