Statute of Limitations

After you file your taxes, you’ll have many records that may help document items on your tax return. You’ll need these documents should the IRS select your return for examination. Generally, this means you must keep records that support items shown on your return until the statute of limitations for that return runs out.

The statute of limitations is the period of time in which you can amend your return to claim a credit or refund or the IRS can assess additional tax. Generally, this is the later of three years from the date the return was due or filed. The statue for claiming a refund is the later of three years from the date the return was filed or two years from the date the tax was paid, if no return was filed. Returns filed before the due date are treated as being filed on the due date.

About Padgett Team

Our firm is a leader in outstanding accounting, tax payroll and business services. Our dedication to the 3 dominating business requirements of Professionalism, Timeliness and Excellence dictate the day-to day service we provide equally to each client. No small business is too small.

Facing a Tax Audit?
We can Help! Don't Delay!
Contact our Enrolled Agents today!!