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Posted: 3/4/2006 8:42:13 AM EDT
I just got my check from the IRS. Am I now safe for this year? Since they paid me is the scutiny gone until next year?

The return went to buy a Vector class III weapon by the way.
Link Posted: 3/4/2006 8:43:19 AM EDT
I dont believe you are "ever" safe from the IRS.....
Link Posted: 3/4/2006 8:45:48 AM EDT
Since I am an employed doc by the hospital, its not like I can even entertain the idea of cutting corners on my taxes. Everything is prepaid and deducted. It like ordering a complete fish for dinner and only getting some of the filets.

But the internal workings of the IRS always intriqued me.
Link Posted: 3/4/2006 8:50:04 AM EDT
[Last Edit: 3/4/2006 8:50:49 AM EDT by drjarhead]
I believe it is 7 years but I am not sure.
It may be that it is 7 years for penalites but interest is another matter.

Not certain myself so tag.
I do my own taxes every year and haven't been audited yet. I ain't sweating it. Like you, everything is above board.
Link Posted: 3/4/2006 8:50:50 AM EDT
Idon't believe there is a statute on limitations as far as taxes go. If that is the question?
Link Posted: 3/4/2006 8:52:28 AM EDT
[Last Edit: 3/4/2006 8:59:12 AM EDT by nightstalker]
The IRS has three years to give you a refund, three years to audit your tax return, and ten years to collect any tax due. Together, these laws are called the "statutes of limitations." They put time limits on various tax-related actions that you and the IRS can take.

Real Estate transactions records should be kept until you sell or dispose through other means to back up your cost basis.

Your state may have alonger statute of limitations, possibly 4 years (like in California) or more.

ETA, the above are from the date you file your return. If you do not file there is no "start" to the Statute of Limitations.
Link Posted: 3/4/2006 8:53:26 AM EDT

Originally Posted By 1shott:
I dont believe you are "ever" safe from the IRS.....



+1.

I'll never get rid of a tax return. Ever.

Besides, they make the rules. Who cares what they say today?
Link Posted: 3/4/2006 8:57:43 AM EDT
The IRS has 3 years from the date you filed to audit you. After 3 years, you can rest in peace. One exception, if they catch you cheating, they can go back forever.
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