SEE-1 - Advising the Individual Taxpayer - Section 5.3
Identify accuracy-related penalties, statutes of limitations on assessments and collections, and procedures for filing amended returns.
Identify the accuracy-related penalties imposed for negligence, substantial understatement, and substantial valuation misstatements, and describe the reasonable cause exception that can waive them. Recognise the standard three-year statute of limitations for assessment, the six-year extension for substantial omissions, and the procedure for correcting a filed return using Form 1040-X.
Accuracy-related penaltyStatute of limitationsForm 1040-XAmended return
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