Tax practitioners must be aware of the impact of statutes of limitations for the government to assess income, gift and employment taxes and for taxpayers to claim refunds of those taxes in order to properly serve and protect their clients.
• Identify statutes of limitations for assessments of tax and for taxpayer claims for refund
• Recognize the importance of maintaining calendars pertaining the limitations periods
• Determine how statutes of limitation affect taxpayers
• Review of assessment procedures and the limitations on assessment—including exceptions
• Review of the limitations on filing of claims for refund by taxpayers—including the 2 and 3-year "rules"
• Understand what constitute a "claim for refund"