What is 'Period of limitations'?

Last modified 4/24/2023 4:27:38 AM EST

The period of limitations refers to the time frame during which taxpayers can claim a refund or credit for overpaid taxes. Generally, the period of limitations for claiming a refund for overpaid taxes on Form 941 is three years from the date the original Form 941 was filed or two years from the date the tax was paid, whichever is later.