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Posted by Mike Wellman on July 5, 2007, 11:51 pm
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> For my client, I filed a 1040 with an exclusion based on IRC
> section 104(a)(2) exclusion damages.
>
> I attached a disclosure Form 8275-R, to cover our asses.
>
> How long will it take IRS to respond??
The attachment of a disclosure statement is not going to
necessarily trigger a review of the return. If your client
was issued a 1099 for the damage payout it might cause a
CP-2000 notice to be issued. Otherwise, you will have to
wait out the 3 year SOL. Presumably the disclosure itself
will preclude the 6 year SOL and the absence of fraud will
keep you out of trouble beyond that.
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