In march 2019, jim asks you to prepare his federal income tax returns for tax years 2016, 2017, and 2018. in discussing this matter with him, you discover that he also has not filed for tax year 2015. when you mention this fact, jim tells you that the statute of limitations precludes the irs from taking any action as to this year. is jim correct about the application of the statute of limitations? why or why not? if jim refuses to file for 2015, should you prepare returns for 2016 through 2018? explain.

A. economic resources to be used or turned into cash within one year. b. reports assets, liabilities, and stockholders' equity. c. decrease assets; increase liabilities and stockholders' equity. d. increase assets; decrease liabilities and stockholders' equity. e. an exchange or event that has a direct and measurable financial effect. f. accounts for a business separate from its owners. g. the principle that assets should be recorded at their original cost to the company. h. a standardized format used to accumulate data about each item reported on financial statements. i. the basic accounting equation. j. the two equalities in accounting that aid in providing accuracy. k. the account credited when money is borrowed from a bank using a promissory note. l. cumulative earnings of a company that have not yet been distributed to the owners. m. every transaction has at least two effects. n. amounts presently owed by the business. transaction, separate entity assumption, balance sheet, liabilities, assets, current assets, notes payable, duality of effects, retained earnings, debit.