It’s a common misconception that the IRS has the power to audit anything or anyone at any time. By law, the IRS audit statute of limitations expires after three years. However, certain important exceptions you should know about can extend that audit window indefinitely.
Like old wives tales, IRS audit myths, often with little basis in reality, have been handed down through generations of American taxpayers.
The simple answer is that the tax extension deadline won’t be affected, and you’re still expected to file your tax return. The not-so-simple answers are to the questions about how and why this is happening, how else we’re being affected, and what we can do to help ourselves.
