The statute of limitations refers to a:
A) Set of provisions that limits a return preparer's rights.
B) Specific period of time within which returns must be filed.
C) Set of provisions that limits a taxpayer's rights.
D) Specific period of time within which all taxes must be assessed and collected, and all refund claims must be made.

Question

Quizplus · Accepted Answer

The statute of limitations refers to a specific period of time within which all taxes must be assessed and collected, and all refund claims must be made. This means that after the statute of limitations has expired, the government cannot assess additional taxes or penalties, and the taxpayer cannot claim a refund for overpaid taxes.

The Statute of Limitations Refers to A