If Fraud Is Involved, There Is No Time Limit on the Assessment

question 168

True/False

If fraud is involved, there is no time limit on the assessment of a deficiency by the IRS.

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Definitions:

Customizing

The process of altering or tailoring features and appearances of products, software, or services to meet specific requirements or preferences.

Tax Return Preparation

The process of completing and filing a tax return form, typically performed by an individual taxpayer or a tax professional.

Authorized Users

Individuals who are officially permitted to access and use certain resources or information within a system.

Recurring Transactions

Transactions that automatically repeat according to a set schedule, common in billing and subscription services.