Taxes

Instructions

TEAM ASSIGNMENT 1: DETERMINING WHEN A RETURN IS SUFFICIENT TOSTART THE STATUE OF LIMITATIONS.Determining the Statute of Limitations: While the statute of limitations for examination isgenerally three years from the date a return is filed, the statue can be automatically extended, can be voluntarily extended, or tolled under various provisions provided in the code, regulations, rulings and court cases. Your job is to advise your clients as to the applicable statute oflimitations based on the fact pattern to be provided to you below. Remember: the date a return is deemed filed is a question of both fact and law.It is October 1, 2019. The clients have not filed their joint current years tax return. Noextension has been filed. Your team must write a memorandum to the client explaining when a tax return filing will be deemed sufficient in order to start the statute of limitations for bothexamination and assessment purposes.Assignment: Write a 3-page memorandum to the client explaining when a return filing will be considered as sufficient to start the statute of limitations running for assessment purposes. Thememo should cover the rules for both an individual return and a business return. Make sure that the memo addresses all of the following questions for both types of returns:2. How can the IRS and the Taxpayer agree to an extension of the statute of limitations on assessment and, what are the risks if the taxpayer does not agree to extend?3. What is the general limitation on assessment?

Answer

TaxesQuestion 1: MemorandumThis is to inform you that the Internal Revenue Service (IRS) normally extends for a maximum of three years. The governing tax act of limitations extends for a maximum of three years after the tax returns are filed. On the same case, the statue can be automatically extended, can be voluntarily extended, or tolled under various provisions provided in the code, regulations, rulings and court cases. Filing your tax as per today date 1st October means that the statute of limitations will extend to 30th September 2022. Making an extension to a future date will mean that the three years will start from the day you file the returns. On the other hand, late filing of returns with no extension means that the statute will run for three years from the actual date you were r...
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