What is the general statute of limitations on assessment of income tax:
A) 6 years
B) 3 years
C) 7 years for criminal tax evasion.
D) None of the above.

Question

Quizplus · Accepted Answer

The general statute of limitations on assessment of income tax is 3 years from the date of filing or the due date of the return, whichever is later. However, the statute of limitations can be extended in certain circumstances, such as if the taxpayer has failed to report more than 25% of their gross income. The other options are not accurate.

What Is the General Statute of Limitations on Assessment of Income