IRS Tax Assessment

Statute of Limitations
A statute of limitations sets the maximum period during which parties must initiate legal proceedings to enforce their rights, after which their rights may be unenforceable. The specifics can vary depending on jurisdiction and context, such as those defined by the IRS for tax-related matters.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.