What is the statute of limitation for a refund claim

Reference no: EM133360163

The IRS reserves the right to audit any tax return for any reason. Your readings this week introduced you to the audit process, which is an important part of a tax professional's job any time an audit occurs. These questions will check your understanding of that process.

In a Word document, answer the following questions:

Describe the significance of a "30-day letter" and "90-day letter" as each relates to the IRS audit process.
The Internal Revenue Code sets a limit on the amount of time the IRS can assess a tax. Provide an example of when each of the following assessment statute of limitations would apply:
1. 3-year statute of limitation
2. 6-year statute of limitation
3. No statute of limitation
The Internal Revenue Code also sets a limit on the amount of time a taxpayer can receive a tax refund. What is the statute of limitation for a refund claim?

Reference no: EM133360163

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