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3 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Statute of limitations - statutory period during which the government can assess an additional tax |
General: three years from the later of due date of return OR day the return is filed
25% understatement of gross income: six years
No statute for fraud |
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Refunds for individuals (form 1040x) |
Refund claim the later of: Three years from the date the return was filed or original due date of return OR Two years from the time the tax was paid (if not when the return was filed)
Bad debts = bad luck = 7 years
Forms of other refunds: 1139 - corporate income taxes 1045 - quick refund 843 - other than income tax |
Refund claim the later of: Three years from the date the return was filed or original due date of return OR Two years from the time the tax was paid (if not when the return was filed)
Bad debts = bad luck = 7 years
Forms of other refunds: 1139 - corporate income taxes 1045 - quick refund 843 - other than income tax |
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Estimated taxes - required minimum |
Taxpayer is required to make quarterly tax payments when:
1. $1000 or more tax liability 2. Inadequate tax estimates-taxpayer's withholding is less than the lesser of: A. 90% of current year's tax OR B. 100% of last year's tax 1. Applies even if zero tax liability in prior year 2. Exception: if AGI is $150,000 in prior year, 110% of prior year's tax liability is used to compute the safe harbor for estimate payments |
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