Peyton has adjusted gross income of $20,000,000 on his 2012 tax return,filed April 15,2013.He accidentally failed to include $200,000 that he received for a television advertisement.How long does the IRS have to audit Peyton's federal tax return?

Question

Quizplus · Accepted Answer

The IRS generally has three years from the date of filing or the due date of the tax return (whichever is later) to audit a tax return. In this case, the tax return was filed on April 15, 2013, so the IRS has until April 15, 2016, to audit Peyton's return.

Peyton Has Adjusted Gross Income of $20,000,000 on His 2012