What is the statute of limitations to audit a tax return or to collect a tax? Generally, under IRC 6501 Limitations on assessment and collection, the statute of limitations for the IRS to audit a tax return and to assess a tax is three years from when the return was filed (whether the return was or was […]

The IRS reminds taxpayers with delinquent returns that they may qualify for penalty relief if they file those returns by September 30. This relief, which the IRS announced on 08/24/2022, waives the failure-to-file penalty for certain 2019 and 2020 returns that weren’t timely filed.  Note. This relief doesn’t apply to the failure-to-pay penalty and interest, which will accrue […]

 From markers to face masks, classroom supplies may be tax deductible Teachers go above and beyond for their students, often buying classroom supplies needed to make learning successful. The educator expense deduction allows eligible teachers and administrators to deduct part of the cost of technology, supplies and training from their taxes. They can only claim […]