It can be challenging to understand all your tax obligations
each year, including tax deadlines, extensions, forms, and the reporting process. One concept that helps you establish a timeline is understanding an open tax year versus a closed tax year.
An open tax year simply means the period following submission of your tax return is still “open,” enabling tax officials to question the tax return or you to claim a refund. A closed tax year means this period has passed.
There are three years in the statute of limitations from the filing date, so this means the IRS only has that amount of time to conduct an audit
on that tax return. There are a few exceptions to those three years, though. This guide will walk through everything you need to know about an open tax year and how to make sure you don’t have any issues arise during this period.