Statutes of Limitation: Assessment, Refund Claims and Timely Mailing 2023

Description

Tax practitioners must be aware of the impact of statutes of limitations for the government to assess income, gift and employment taxes and for taxpayers to claim refunds of those taxes in order to properly serve and protect their clients.

Highlights

• Review of assessment procedures and the limitations on assessment-including exceptions
• Review of the limitations on filing of claims for refund by taxpayers-including the 2 and 3-year "rules"
• Understand what constitute a "claim for refund"

Objectives

• Identify statutes of limitations for assessments of tax and for taxpayer claims for refund
• Recognize the importance of maintaining calendars pertaining the limitations periods
• Determine how statutes of limitation affect taxpayers

Designed For

CPAs, lawyers and tax preparers.