DianeW777
Expert Alumni

Get your taxes done using TurboTax

It depends.  Unless the IRS finds a compelling reason to check your situation specifically it's unknown if they will find the error.  This usually happens if someone places an inquiry about their own situation that involves your company.

 

When it comes to an audit, the statute of limitations in general are three years from the due date or two years after the tax was paid whichever is later. However, this is not always the case for returns where there is business activity and, as example, an asset on a tax return relates to another tax return such as a vehicle or equipment that is being depreciated and has not been disposed of.

 

@chunhuach 

[Edited: 03/02/2024 | 9:05 AM PST]

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