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 Can IRS withdraw money from your bank acct without permission?
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 If I sell my horse for $12,000.00, do I have to claim it as income on my taxes?
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 How are lump sum severance payments taxed?
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 Most EU immigrants dont pay uk car tax. should we say yeah good luck to tax evaders?
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 I have a pan number i want my details?
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 Where's My Tax Rebate?
So the IRS says they started direct depositing the tax rebates on Monday. They're paying it in order of the last 2 digitals of your social security number.

My social ends in 00 ...


 How do I followup with the IRS if the receive my income tax thru mail?
I've sent my income tax thru mail but for some reason i just sent it by regular mail and I didn't certified it at the post office,
How long do they usually give your refund by using ...


 Is there a website where I can check to see if I will qualify for the tax rebate that they are issuing in May?
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 I did my taxes through Turbo Tax and recieved it direct depsited through SBBT, How would I recieve my rebate?
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 If I owe back taxes on prior returns, but have payment plans set up to pay off, will I get stimulus check?
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 Does HR BLOCK or Jackson hewitt charge a percentage of your return for their fees?
How do they figure how much it costs for them to do your taxes? I did them myself but Im not sure if they are right? So I did the work but they will get my $...not fair. Anyway, if I am getting back ...


 Why don't people in the South have to pay income taxes?
I was looking through some cities on Bestplaces.net and I noticed that in many Southern states there is a 0% income tax. Missouri, one state I'm interested in, has a brutal 7% income tax. What ...


 PLEASE READ! Pls help me with my question! PLESE READ!?
I want to know if i should claim my son the year income tax or should i let his dad claim for him this year2007? i just got a job this octomber2007. his dad claim both his son and myself last year2006...


 Can I do my income tax return without my w-2?
I have my last paycheck stub....


 Do you favor shutting down the IRS in turn for a 10% flat tax ?
This would be a flat rate tax, not an actual flat tax...
Studies have shown that this model could actually produce MORE revenue into the federal government.

The IRS is spending ...


 My income is rs345000. i want to save money and tax, how?
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 If i want to become a CPA (Certified Public Accountant) what tipe of accounting should i major in?
theres soooo many type of accounting majors...its almost confusing...i'd just like to know which one should i tackle..i kno i want to be an accountant...but which one would be appropriate for a C...


 If my income is less than the prescribed IT limit should I file IT returns for that year.?
I have been filing IT returns regularly. Filed IT returns for the financial Year 2006-2007. I resigned from my job in march 2007. Earnings for the year 2007- 2008 less than the prescribed limit for ...


 Do I have to file taxes if I only worked on week in 2007?
I only worked on week and that is all that I worked in 2007. My boyfriend claimed me and our daughter cause he supported us. I did not file because I only had worked that short time. Do I need to ...


 Irs stimulus check r they coming out again?
i hear that there is another stimulus check coming out . if this true do anyone know when.
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Ambiguous
In an IRS Audit, how far back can the IRS go if the President of the Company changed?
2 years ago, we switched the President of the Corporation over to me, can the IRS go back past before I became President?
                     
 




marvin A
Rating
If they find something wrong they can go back forever.
The IRS is the Big Club of the government. They can take everything you own to pay for taxes.


wartz
Switching presidents is irrelevant.

Normally, the statute of limitations for determining additional tax in an IRS audit is three years from the date the return was filed. If income--this means sales, not profit--is understated by 25%, the statute of limitations is six years. If an understatement is due to fraud, there is not statute of limitations. IRS has the burden of proof that the statute of limitations has been extended.


taxreff
Rating
The above answers are all incorrect.

Under normal circumstances, the IRS can audit the prior 3 years. If income is underreported by a large percentage, they can increase that to 6 years. In cases of fraud or non-filing, there is no statute of limitations.

The changing of a corporate officer would not affect those rules.


DRS
Yes....they can go back as far as 7 years. Learned this while working in bookeeping and finance for 17 years. We had to "box up" all the records at the end of each year "just in case" the IRS ever showed up wanting to do an audit. The same thing is true for home records....keep at least 7 years worth.


scott9292003
6 years.


Pam H
As long as you had the same Federal ID # they can.


They Know
7 yrs.


stevexnelson
Absolutely. It doesn't matter who the President of the company was.


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