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Tax Statutes of Limitations: Advising Taxpayers on the Assessment, Collection, and Refund Statutes

Note: CLE credit is not offered on this program

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Monday, November 27, 2023

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This webinar will review the three basis statutes of limitations for taxes: the IRS assessment statute expiration date (AESD), the refund statute expiration date (RSED), and the collection statute expiration date (CSED). Our federal income tax expert will explain the critical nature of each date and offer practical advice on handling approaching expiration dates and advising taxpayers.

Description

Understanding the tax statutes of limitations is critical for tax professionals. The assessment statute limits the timeframe the IRS can assess taxes due. This generally occurs three years after the due date of the original return, including extensions, or three years from the received date of a return, whichever is later. Once the CESD passes, the IRS cannot collect any remaining tax balances. The RSED is the last date a taxpayer can collect a refund due from the IRS.

Certain acts and a taxpayer's consent can lengthen these statutes. In other cases, a statute of limitations can run indefinitely. Tax professionals need to thoroughly understand when each statute expires, the circumstances that cause the extension of a statute, and how to properly advise taxpayers about the tolling of these statutes.

Listen as our seasoned federal tax professional explains the nuances of one of the most critical tax statute deadlines for CPAs, EAs, and other tax professionals working with taxpayers and the IRS.

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Outline

  1. Introduction: tax statutes of limitations
  2. Current applicable statutes of limitations
  3. RSED – Refund statute expiration date
  4. ASED – Assessment statute expiration date
  5. CSED – Collection statute expiration statute date
  6. Actions extending the ASED and CSED
  7. Cases when the statute of limitations can run forever
  8. Examples

Benefits

The panelist will cover these and other critical issues:

  • Should a taxpayer choose to voluntarily extend the collection statute during an IRS audit?
  • What specific acts extend the assessment statute?
  • What is the last date a taxpayer has to receive a refund of taxes paid?
  • What causes the assessment statute to run indefinitely?
  • How and when should practitioners advise taxpayers about expiring statutes?

Faculty

Pon, Larry
Larry Pon, CPA/PFS, CFP, EA, USTCP, AEP
CPA/PFS, CFP, EA, USTCP, AEP
Pon & Associates

Mr. Pon has been in practice since 1986 providing comprehensive accounting, tax, payroll, and business advisory...  |  Read More

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