Tax in Action: Practical Strategies for Tax Pros

The Refund Statute of Limitations: When Time Runs Out

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Understanding the refund statute of limitations can mean the difference between claiming a refund and losing that money forever. This episode breaks down the complex rules around when taxpayers can file refund claims and how much they can recover, using the recent Hamilton v. US case as a cautionary tale. Whether you're dealing with late-filed returns, amended returns, or clients who've fallen behind on their taxes, these statute of limitations rules will determine what's possible and what's permanently lost.

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  • (00:00) - Welcome to Tax in Action
  • (01:50) - Understanding Finality in Tax Code
  • (03:28) - Assessment vs. Refund Statute of Limitations
  • (04:11) - Challenges and Misunderstandings
  • (07:37) - Case Study: Hamilton v. US
  • (13:09) - Key Tax Code Sections
  • (17:21) - When Can a Taxpayer Claim a Refund
  • (33:21) - Estimated Payments
  • (34:52) - Special Considerations and Exceptions
  • (54:17) - Conclusion and Key Takeaways

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    Tax in Action: Practical Strategies for Tax ProsBy Jeremy Wells, EA, CPA
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