Understanding IRS Statutes of Limitations: How Long Do You Have to Worry?

The short answer is…not forever…err sometimes forever?

It’s 5:00pm on April 15 and you’re excited!

You filed your taxes for the year and there’s a sense of relief…at least at first because you wake up at 3:00am and start ruminating. You think you may have overlooked income you received last year or that you really stretched on taking what, now that you think about it, might be an unjustified deduction.