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Define the Assessment Statute Expiration Date
The period IRS has to assess tax, penalties and/or interest.
Which 94X return is exempted from the special ASED/RSED rule?
The Form 940
Where can you find the statute dates on TXMODA?
In the statute/freeze code box on the 1st page.
What is the Saturday, Sunday or legal Holiday rule?
When the due date falls on Saturday, Sunday or a legal holiday it is considered timely if postmarked by the next business day.
How long does the IRS have to collect on an erroneous refund?
Two years from the date of the refund.
Define the Refund Statue Expiration Date
The period to decrease tax, penalty or interest or to file a claim for refund or abatement of tax, penalties or interest.
How is the ASED determined for a period?
3 years from the due date of the return, including extensions or 3 years from the date the return is actually filed, whichever is later.
How is the CSED determined?
10 years from the assessment
In which order are the CSED’s listed on BMFOLT?
Latest, Earliest and Imminent.
When a 6020(b) return posts as the TC 150, what transaction will cause the ASED to post?
The posting of the TP’s return as a TC 976.
Define the Erroneous Refund Statute Expiration Date.
The period the IRS has to collect an erroneous refund
Will a full paid TC 150 module have a CSED shown? And why.
Yes, it will still show 10 years from the posting of the TC 150.
Which CSED is shown in the statute box on the first page of TXMODA?
The CSED of the TC 150.
What condition will extend the ERSED and how long can it be extended?
If it is proven the taxpayer deliberately caused the refund it can be extended to 5 years.
An increase in tax must be sent to the Statute unit if the ASED is within how many days?
90 days.
Define the Collection Statute Expiration Date
The period the IRS has to collect an assessment of tax penalty or interest.
If a module has a TC 150 filed for zero will a CSED be computed? And why?
No, there has not been an assessment.
Where will you find the CSED for assessments that are not the TC 150 on TXMODA?
Directly under the assessment.
How long is a Statute cleared stamp valid?
90 days.
Which TC 971 closing code needs to be input when forwarding an increase within 90 days to the Statute Unit?
TC 971 CC 014
What special rule applies to the ASED and the RSED of the 94X series?
They expire 3 years from April 15th of the year following their due date.
How is the RSED determined for a period? There are 3 answers.
3 years from the due date of a return, including extensions, 3 years from the filing of an original return or 2 years from the payment date for tax, penalties or interest.
If a return is received within 90 days of the normal ASED period what must you do?
Forward the return to the Statutes unit for clearance to process.
If the TC 150 on a module is a 6020(b) return what will the ASED be?
No ASED will be shown.
What blocking series identifies a quick assessment made by the Statutes unit?
Blocking series 12 (120-129)