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Jeremy has come to your office for help in filing his 2020 federal income tax return. He gives you the following information: Jeremy is single

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Jeremy has come to your office for help in filing his 2020 federal income tax return. He gives you the following information: Jeremy is single and works for TechnipFMC. Mark received a salary of $125,000 in 2020, as reported on his W-2. Jeremy had $4,000 of federal income tax withheld from his paychecks during the year. Jeremy had $17,000 of tax deductions for 2020 Assume that you filed the tax return based on the information above on April 1, 2021. In May of 2021 you discover that Jeremy did not mention to you that he received other taxable income of $30,000 in 2020. This was a one-time transaction and you are not sure if Jeremy intentionally omitted the information or if he made an honest mistake since it was a one-time transaction. Jeremy has asked you how long the IRS has to audit his tax return Please explain to Jeremy what the last day is the IRS can audit his return and seek to impose additional tax. Be sure to fully explain your reasoning. IRC 6501 will be critical to your analysis

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