The “statute of limitations” refers to the period of time when you and the IRS can make changes to your tax returns.

Most taxpayers think of the limitation periods as the time frames during which the IRS can audit returns. The periods for change by you and the IRS are laid out in IRS publications, and those periods are:1

Three years if you filed on time or with extensions and did not understate your income by 25 percent or more and ... Log in to view full article.