How does the Statute of Limitations affect income tax obligations?
Question:
How does the Statute of Limitations affect income tax obligations?
Federal Tax
The Internal Revenue Service (IRS) imposes a tax on the annual income of people, businesses, trusts, and other legal entities. This tax is known as the federal income tax in the United States.
Answer and Explanation: 1
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View this answerThe general statute of limitations for federal taxes is three years after filing your tax return. The tax return is due on April 15, but if you file...
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Income Tax: Tax Liability & Deductions
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Chapter 3 / Lesson 5
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Learn what income tax liability is. Find out what taxable and adjusted gross income are, discover how to calculate tax liability, and examine common deductions.
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