TIMOTHY H. SLONE
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START BY FILING YOUR INCOME TAX RETURN!  

The mandatory filing requirements imposed upon us by the Internal Revenue Code require us to file our tax returns by April 15th of the following year, unless you have filed for an extension.  Even then, you could be subject to penalty if your taxes are not paid in full.

 If you are on a valid extension, your tax return (the paperwork) is due by October 15th.

IMPORTANT -

The statute of limitations does not begin until your return is filed and accepted by the I.R.S.

ARE YOU SUBJECT TO AUDIT? -

YES.  Once your return is filed however, the I.R.S. must begin any audit or investigation into your tax filing within 3 years (unless they suspect Fraud; the statute of limitations then extends to seven years). 

Most audits of taxpayers are fairly routine in the eyes of the I.R.S. and result only in additional tax and penalty assessments.  Fraud Examiners are the ones that put people in jail.

Copyright © D&S Holdings Inc., Montrose, CO
d.s.holdings.inc@montrose.net
website version 3.0.1
last updated 1/22/2010
created 12/01/2006