Individual Taxation - Due Dates Flashcards
When must a contribution to a Roth IRA be made by?
The due date of the taxpayer’s tax return, not including extensions
The final return of a decedent is due ______
On the same date the decedent’s return would have been due had death not occurred
For a calendar-year taxpayer, when is the income tax return due?
On the 15th day of the fourth calendar month following the close of the tax year (April 15 for a calendar-year taxpayer)
What is the latest date that the IRS can assert a notice of deficiency for a calendar-year return if the taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income
The later of 3 years after a return is filed or 3 years after the due date of the return
A ___ statute of limitations applies if gross income omitted from the return exceeds 25% of the gross income reported on the return. Note that for this purpose gross income of a business includes total gross receipts before subtracting CoGS & Deductions.
6 year
What is the maximum period during with the IRS can issue a notice of deficiency if the gross income omitted from a taxpayer’s return exceeds 25% of the gross income reported on the return?
6 year statute of limitations - 6 years from the DUE date of the return.
(If the tax return is filed BEFORE its due date it is treated as filed ON its due date.)
A couple discovers they failed to include an itemized deduction. In order for the couple to recover the tax that they would have saved by using the deduction they must file an amended return no later than ___
Within 3 years from the date a return was filed OR 2 years from the date of payment of tax, whichever is later. If the tax return is filed BEFORE its due date it is treated as filed ON its due date.
The normal three-year statute of limitations is extended to ____ years for refund claims resulting from bad debts or worthless securities
7 years
