On April 15, 2018, a Married Couple Filed Their Joint

question 91

Multiple Choice

On April 15, 2018, a married couple filed their joint 2017 tax return showing gross income of $120,000. Their return was prepared by a professional tax preparer who mistakenly omitted $45,000 of income, which the preparer in good faith considered to be nontaxable. No information with regard to this omitted income was disclosed on the return or attached statements. By what date must the IRS assert a notice of deficiency before the statute of limitations expires?

• A)April 15, 2024
• B)December 31, 2018
• C)April 15, 2021
• D)December 31, 2024

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Definitions:

Business Reviews

Formal evaluations of a company's performance, typically involving analysis of financial statements, operational effectiveness, and market positioning.

Strategic Planning

A systematic process of envisioning a desired future and translating this vision into broadly defined goals or objectives and a sequence of steps to achieve them.

E-commerce Site

An online platform that facilitates the buying and selling of goods and services through electronic systems like the internet.

Online Marketplace

A digital platform where vendors can sell their goods or services directly to consumers over the internet.