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Statute of Limitations In most cases, the IRS has three years from the due date of the return or the date actually filed (whichever is later) to assess any additional taxes. The IRS generally has 10 years from the date…

Penalties and Interest If the taxpayer does not file a return and pay the tax by the due date, he may have to pay a penalty. Substantially understated tax, understated reportable transactions, erroneous claims for refund or credit, frivolous tax…