by Robert W. Wood, Forbes
In most cases, the IRS has three years to audit after you file your return. If the IRS shows up after that, they may be too late. Surprisingly, amending a return often does not change the three year limit. But many special rules can extend your audit purgatory.
The three years is doubled to six if you omitted more than 25% of your income. It’s also doubled if you omitted more than $5,000 of foreign income. Even worse, the IRS has no time limit if you never file a return. It is common to wonder whether reporting offshore accounts–or failing to–means an audit. How long must you wonder? Read the entire story.