Statute of limitations

Statute of limitations is part of our life one way or another. “There is a limited amount of time one has to file a lawsuit before he/she is barred forever from recovering any money for personal injuries. In Texas, that time period is 2 years.” “ You must bring your lawsuit within 2 years of the medical malpractice in Texas.” There is even “a 10-year statute of limitations for First Degree injury to a child, elderly individual, or disabled individual.” Therefore, it should be no surprise that the Internal Revenue Service has statutes of limitations.

“The statute of limitations limits the time during which an action can be brought by the IRS for a tax audit and the time for IRS tax collection activities. Generally, there is a 3-year statute of limitations for the IRS auditing a tax return and a 10-year statute of limitations for the IRS collecting tax.” “ You should be aware that the states may be very different. California, for example, has NO statut...