Receiving an audit notice from the IRS is intimidating enough but realizing that you could forever be an IRS target can be downright enervating.

So, does or can the IRS have an unlimited time to audit your business? Isn’t there supposed to be a statute of limitations? In some situations, the statute of limitations can be doubled or extended indefinitely. And yet, business owners have strict time limits for amending returns.

The IRS statute of limitations for conducting an audit is subject to a variety of variables. Robert W. Wood of Forbes does an excellent job of outlining how and when the IRS statute of limitations to audit can be extended. Read “IRS Can Audit You Forever, But Key Steps Can Prevent It” and make sure you are protected.