Statute of Limitations -Under Reported Income

Collapse
X
Collapse
 
  • Page of 1
  • Time
  • Show
Clear All
new posts
Previous template Next
  • zeros
    Senior Member
    • Dec 2006
    • 921
    #1

    Statute of Limitations -Under Reported Income

    I believe the statute of limitations is extended when the gross income is understated by 25%. Anybody know how many years it is extended?
    Tags: None
    • OtisMozzetti
      Senior Member
      • Dec 2007
      • 530
      #2
      When there is substantial understatement, the statute of limitations runs for six years instead of for three years.

        Comment

        • JoshinNC
          Senior Member
          • Feb 2006
          • 1180
          #3
          And "fraud"

          Has an unlimited SOL.

            Comment

            Previous template Next

            Disclaimer

            Collapse

            This message board allows participants to freely exchange ideas and opinions on areas concerning taxes. The comments posted are the opinions of participants and not that of Tax Materials, Inc. We make no claim as to the accuracy of the information and will not be held liable for any damages caused by using such information. Tax Materials, Inc. reserves the right to delete or modify inappropriate postings.

            Working...