Match the statements that relate to each other.Note: Some choices may be used more than once.
-More than 25% gross income omission and statute of limitations
A)Three years from date return is filed
B)Three years from due date of return
C)20% of underpayment
D)5% per month (25% limit)
E)0.5% per month (25% limit)
F)Conducted at IRS office
G)Conducted at taxpayer's office
H)Six years
I)45-day grace period allowed to IRS
J)No statute of limitations (period remains open)
K)75% of underpayment
L)No correct match provided

Question

Quizplus · Accepted Answer

HIf a taxpayer omits more than 25% of their gross income on their tax return, the statute of limitations for the IRS to audit the return extends to six years instead of the standard three years. This is why option H is the correct match for the statement regarding more than 25% gross income omission and statute of limitations.

Match the Statements That Relate to Each Other