However, if the tax liability is more than 25% of the gross income reported on the return, then the statutory limitations is 6 years. However, the 6-year statute of limitations does not apply if the underpayment of tax was due to the overstatement of deductions or credits....
SOL on tax refunds. (statute of limitations)Holub, Steven F
A statute of limitations is a law that defines the maximum amount of time in which parties involved in a dispute must initiate legal proceedings following an alleged offense. The duration of a statute of limitations varies depending on the nature of the offense and the location of the jurisdicti...
The statute of limitations does not apply in the case of a false tax return or fraudulent tax return filed with the IRS with intent to evade any tax. Claiming Refunds.The three year statute cited above also applies to refunds. So let’s say you neglected to file your 2005 income tax ret...