In March 2019, Jim asks you to prepare his Federal income tax returns for tax years 2016,

Question:

In March 2019, Jim asks you to prepare his Federal income tax returns for tax years 2016, 2017, and 2018. In discussing this matter with him, you discover that he also has not filed for tax year 2015. When you mention this fact, Jim tells you that the statute of limitations precludes the IRS from taking any action as to this year.

a. Is Jim correct about the application of the statute of limitations? Why or why not?

b. If Jim refuses to file for 2015, should you prepare returns for 2016 through 2018? Explain.

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a No Because no return was filed the statute of limitations never runs But even if a return had ...View the full answer

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