Author Question: Peyton has adjusted gross income of $2,000,000 on his 2016 tax return, filed April 15, 2017, the due ... (Read 60 times)

biggirl4568 · **on:** Sep 13, 2020

Question 1

Latashia reports $100,000 of gross income on her 2016 tax return, filed on the April 15, 2017 due date. She omits $30,000 of income, but the error was not fraudulent. When does the statute of limitations for examining her tax return expire?
◦ April 15, 2019
◦ April 15, 2020
◦ April 15, 2023
◦ It never expires.

Question 2

Peyton has adjusted gross income of $2,000,000 on his 2016 tax return, filed April 15, 2017, the due date. He accidentally failed to include $200,000 that he received for a television advertisement. How long does the IRS have to audit Peyton's federal tax return?
◦ until April 15, 2019
◦ until April 15, 2020
◦ until April 15, 2023
◦ The IRS can audit Peyton's return at any future date.

irishcancer18 · **Reply #1 on:** Sep 13, 2020

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