Starting a new business is a venture with exciting and busy work. There are so much to consider even though you are absolutely sure about the profitability of your business. If you expect your business to be more than a hobby, the followings are the basic steps for your consideration.
Generally, The IRS has the following time limits for tax related matters with certain exceptions:
1. Three years to issue you a refund;
2. Three years to audit your tax return;
3. Ten years to collect any tax due.
Together, these laws are called the statute of limitations.
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