A) signature or veto by the President of the United States B) consideration by the Senate C) consideration by the House Ways and Means Committee D) consideration by the Joint Conference Committee Answer: C Explanation: C) Most tax legislation originates in the House of Representatives and is then referred to the House Ways and Means Committee. Learning Objective 5. Describe the administrative procedures under the tax law or omissions of income. The statute of limitations for changes to the return expires
A) April 1, 2018. B) April 15, 2018. C) April 15, 2017. D) The statute of limitations never expires. Answer: B Explanation: B) The three-year statute applies, beginning with the April 15 due date of the return. 20 A calendar-year taxpayer files an individual tax return for Year 2 on March 20, Year 3. The taxpayer neither committed fraud nor omitted amounts in excess of 25% of gross income on the tax return. What is the latest date that the Internal Revenue Service can assess tax and assert a notice of deficiency? A) March 20, Year 6. B) March 20, Year 5. C) April 15, Year 6. D) April 15, Year 5. Answer: CPA-02107 Choice "c" is correct. When the return is filed early, the latest date the IRS can assess tax is 3 years from the date the return is due (April 15, Year 6 in this case).
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