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Michael Kramarz

Aug 14, 2026

19:08
Is that a trap, or should they usually say yes?
19:11
It's not really a trap, no.
19:13
So the, the IRS has typically three years to assess tax due, and this is referred to as the statute of limitations.
19:21
Um, to the extent that the IRS is running up against that three-year window, so during an examination, you know, maybe they didn't start the exam until the end of the three-year window or maybe it's just taking a little bit longer, in order to protect its interests, the IRS will request the taxpayer sign a statute extension, giving the IRS more time to make the assessment and thus more time to undertake the examination.
19:44
It's not like a trick or a gotcha.
19:46
Um, 98% of the time you're gonna extend a statute kind of in due course, uh, because there's some consequences if you don't, uh, that we could get into.
19:58
Um, there will be instances, though, where it doesn't make sense to extend the statute.

8 MINS LATER

28:00
What's a case that, that, um, still sticks with you?

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