“The statute of limitations—that legal egg timer, normally set to three years—never starts to run on unreported activities. And there are cases now of the IRS going back decades, collecting big money—plus penalties and interest—on form-filing failures, accounting errors, and innocent mistakes by unwary people. Consider the recent case of Sumner Redstone, the Viacom chairman who failed to report a taxable gift to his children. This happened in 1972, and nobody looked twice at it for 40 years. Then, just a few months ago, the IRS decided he owed $1.1 million in penalties and interest. All for an old error that everyone except the IRS had forgotten about.”

http://www.nestmann.com/no-statute-of-limitations-for-failing-to-file-u-s-tax-returns/

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