WebDec 24, 2024 · A minor exception is found in 26 U.S.C. Section 6501(c)(7), which extends the IRS statute of limitations just 60 days from the filing of an amended return for the IRS to assess the additional income tax on the amended return, if the amended return was filed within the statutory period but less than 60 days left. WebApr 13, 2024 · If you miss a tax deadline, the IRS can generally charge you two separate penalties: one for not filing your tax return and one for not paying what you owe. The …
The Elastic Statute of Limitations on Claims for Refund
WebSep 8, 2016 · Amendment and Waiver. There are two important exceptions to the variance doctrine. The first is a rule that allows a taxpayer to amend a refund claim any time before it has been rejected by the IRS or the statute of limitations for filing the claim has expired. This commonly occurs when a new professional advisor takes over a case and raises a new … WebJan 1, 2024 · A refund claim must be filed by April 17, 2024 (because April 15, 2024, falls on a Saturday). If the initial return is filed between April 16 and July 15, 2024, then both … drop point j\\u0026t cibinong
NTA Blog: Claims for Refunds: 2024 and 2024 Tax Year Trap for …
WebSection 301.6402-2 (b) (1) of the Regulations provides that no refund or credit will be allowed after the expiration of the statutory period of limitation applicable to the filing of a claim therefor except upon one or more of the grounds set forth in a claim before the expiration of such period. WebOct 22, 2024 · Failure to comply with the new requirements could result in a refund claim being summarily rejected by the IRS as insufficient. Further, as explained below, the IRS is adopting a strategy of “slow-walking” refund claims so that the IRS takes no action until after the statute of limitations expires, raising the stakes even more for taxpayers. WebFeb 11, 2024 · The IRS can take an extra 60 to 120 days to process the new information and issue a refund if it requests more information on an amended return. Keep in mind that … drop point j\\u0026t balaraja