The Sequester – Lemons Or Lemonade

One of the benefits of being at the AICPA Auto Dealership Conference is the opportunity to catch up and talk shop with many friends. While talking about how some in the press have been lamenting the fact that the IRS has been “closed” for a few days – that calls for answers to questions are not being taken, refunds can’t be processed, etc. – one sharp-minded colleague pointed out that every day that the IRS auditors aren’t working effectively shortens the statute of limitations by one day. Given the amount of time it takes the IRS to do the usual paperwork, that means one less day poking around in the details. There … Lemonade out of lemons.