U.S. Supreme Court Rules Against the IRS on 6 Year Limitation on “BOSS” Tax Shelters
The U.S. Supreme Court ruled on April 25, 2012 against the Internal Revenue Service (IRS) on a six (6) year statute-of-limitation look back period on “Boss” tax shelters on a 5-4 vote. The ruling dealt with complex tax shelters in which case, the IRS felt it needed more time to unravel the complexity of the tax shelters. The normal look back period is three (3) years unless you don’t file a tax return in which case there is no statute of-limitations. Here’s the link for the article:
What do you think, should the IRS have six (6) years to go back to audit someone for using a tax shelter when the other tax lookback periods are three (3) years? Leave a comment below.
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