The statute of limitations for tax returns provides a time frame within which the IRS can audit the returns of a given taxpayer. Once the time frame expires, the IRS cannot conduct a review of the tax return and therefore, if the return was erroneous, no liability can arise. The time limitation affects both the taxpayer and the tax collector. This therefore, means that the taxpayer can also not follow up on an unclaimed tax refund beyond the statute of limitations.
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