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About Form 872

Form 872 is a document known as the "Consent to Extend the Time to Assess Tax" form. This form is used by both taxpayers and the Internal Revenue Service (IRS) to extend the statute of limitations for assessing tax liabilities. Taxpayers who need more time to ensure accuracy of the tax return, to provide additional information to the IRS, or to resolve disputes with the IRS may request an extension of time for tax assessment by submitting Form 872. Additionally, the IRS may initiate the use of Form 872 to extend the time to assess tax liabilities before they expire. This allows the IRS to conduct thorough and complete audits, review additional documents, and take other necessary actions to determine accurate tax liabilities. Without Form 872, the assessment of tax liabilities may be subject to a strict time limit, without the opportunity for additional documentation.

What Is 872?

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Things to know about Form 872

What is the purpose of IRS Form 872?
IRS Form 872, also known as the Consent to Extend the Time to Assess Tax, is an important document used in tax matters. Here is some relevant content explaining the purpose of IRS Form 872: 1. Understanding IRS Form 872: - IRS Form 872 is a legal agreement between a taxpayer and the Internal Revenue Service (IRS) that extends the period for assessing taxes owed. - This form grants the IRS permission to extend the normal statute of limitations on tax assessments, typically giving them an additional 6 months to evaluate a taxpayer's return. - It allows the IRS more time to thoroughly examine a tax return, conduct audits, and make determinations regarding any discrepancies or underreported income. 2. Purpose of IRS Form 872: - The primary purpose of IRS Form 872 is to provide taxpayers and the IRS with sufficient time to resolve any disputes or discrepancies regarding tax liability. - The form is often used when a taxpayer and the IRS are in negotiations or when the taxpayer is under audit. - By signing Form 872, taxpayers give consent to extend the statute of limitations, providing both parties with extra time to conduct investigations and reach an agreement regarding the correct amount of tax owed. 3. Benefits for Taxpayers: - For taxpayers, signing Form 872 can be advantageous in certain situations. It allows individuals or businesses more time to gather necessary documentation, consult with tax professionals, and present their case to the IRS. - It can prevent the IRS from making hasty assessments or adjustments without proper validation. - In some cases, extending the statute of limitations may also provide taxpayers with more opportunities to strategize regarding their tax planning or seek applicable deductions, credits, or exemptions, thus potentially reducing their overall tax liability. 4. Benefits for the IRS: - For the IRS, Form 872 provides additional time to thoroughly examine taxpayers' returns, conduct audits, and detect any potential tax evasion attempts. - Extending the statute of limitations helps ensure a more accurate assessment of tax liabilities, as it allows the IRS to gather evidence, review financial records, and evaluate any newly discovered information. - This additional time enhances the IRS's ability to properly enforce tax laws and promotes overall compliance by effectively addressing potential tax discrepancies. In conclusion, IRS Form 872 serves as a consent agreement between taxpayers and the IRS, granting extra time for the assessment of taxes. It provides benefits for both parties, allowing taxpayers time to address any tax disputes while enabling the IRS to conduct thorough investigations and maintain accurate tax assessments.
Who signs Form 872?
Form 872, also known as the Consent to Extend the Time to Assess Tax, is an important document in taxation. It allows the Internal Revenue Service (IRS) to extend the time they have to assess and collect tax from an individual or business. In order for Form 872 to be valid and legally binding, it must be signed by both the taxpayer and the IRS representative. Let's explore more details about who signs Form 872. 1. Taxpayer's Signature: The taxpayer is required to sign Form 872. This signature indicates that they agree to extend the time for the IRS to assess and collect tax. It is essential for the taxpayer to review all the terms and conditions before signing the form, as it may have implications on their tax liability and payment schedule. 2. IRS Representative's Signature: An authorized representative from the IRS, typically an agent or officer, also signs Form 872. This signature acknowledges that the IRS agrees to extend the assessment period and allows them more time for conducting audits, reviewing tax returns, and determining any additional tax liabilities. The representative's signature demonstrates the IRS's acceptance of the taxpayer's request for an extension. 3. Power of Attorney: If the taxpayer has a designated Power of Attorney (POA) representing them in tax matters, the POA may also sign Form 872 on behalf of the taxpayer. The POA acts as the taxpayer's authorized agent and has the legal authority to handle their tax affairs. The IRS recognizes and accepts the POA's signature in place of the taxpayer's signature. 4. Date and Duration: The form must also include the date when both the taxpayer and the IRS representative sign. Additionally, it should specify the duration for which the extension is granted. This helps define the period during which the IRS could potentially conduct further tax assessments without considering the statute of limitations. It is important to note that Form 872 should be carefully reviewed, preferably with the guidance of a tax professional or legal advisor, before signing. It's crucial to understand the implications and consequences of extending the assessment period and ensure that all terms and conditions are acceptable to the taxpayer.
Why would a taxpayer agree to extend statute of limitations?
Title: The Pros and Cons of Extending the Statute of Limitations: A Taxpayer's Perspective Introduction: When it comes to matters of taxation, taxpayers are often presented with the option to extend the statute of limitations for their tax returns. While this may appear counterintuitive at first, there are several valid reasons why a taxpayer may choose to grant an extension. In this article, we will explore the potential benefits and drawbacks of extending the statute of limitations, empowering taxpayers to make informed decisions regarding their tax affairs. 1. Accurate Recordkeeping: One primary reason for taxpayers to consider extending the statute of limitations is to ensure they have ample time to gather and organize all relevant financial documents. Complicated transactions, such as mergers, acquisitions, or substantial stock sales, may require additional time to identify and compile the necessary supporting documentation. By agreeing to an extension, taxpayers can avoid undue stress, reduce the risk of errors, and maintain accurate and complete records. 2. Amending Previously Filed Returns: Taxpayers who discover errors or omissions on a previously filed tax return may find it advantageous to extend the statute of limitations. If you realize that you have missed important deductions, overlooked certain income sources, or made other unintentional mistakes, an extension allows you to file an amended return. By doing so, you can rectify any errors while minimizing the chances of an IRS audit or penalties for underpayment. 3. Litigation or Pending Audit: If you find yourself in the midst of an IRS audit or involved in a legal dispute concerning your tax affairs, extending the statute of limitations provides additional time to resolve these matters. Engaging in litigation or undergoing an audit can be time-consuming. Granting an extension ensures that all relevant information and legal proceedings can conclude, thereby allowing you to properly address any resulting tax implications. 4. Flexibility and Amicable Negotiations: Extending the statute of limitations also presents an opportunity for taxpayers and tax authorities to engage in open, transparent negotiations and discussions. It allows both parties to explore possible compromises or settlements and reach mutually agreeable resolutions. Tax authorities may be more inclined to consider alternative dispute resolution methods if there is an extended timeframe available for negotiations, potentially leading to reduced penalties or even a partial abatement of tax liabilities. 5. Peace of Mind and Reduced Stress: For some taxpayers, agreeing to extend the statute of limitations simply provides peace of mind. By taking advantage of the extension, taxpayers can satisfy any lingering uncertainty or questions regarding past tax returns. This approach lowers their stress levels, preserves their mental well-being, and ultimately allows them to focus on their present tax responsibilities without worrying about consequences from prior years. Conclusion: While the decision to extend the statute of limitations ultimately rests with the taxpayer, considering the potential benefits is crucial. By embracing the extension, taxpayers can ensure accurate recordkeeping, amend prior returns to correct mistakes, navigate audits or litigation effectively, and potentially reach more favorable tax resolutions. Maintaining peace of mind during tax proceedings while reducing stress is equally important. Make an informed choice based on your unique circumstances, and remember to consult with a tax professional for personalized advice.
Can IRS collect taxes after 10 years?
Title: Understanding the IRS Statute of Limitations: Can Taxes Still be Collected After 10 Years? Introduction: When it comes to tax obligations, many individuals wonder about the scope of the IRS's legal authority and how long they can be pursued for tax collection. This article aims to shed light on one common question: "Can the IRS collect taxes after 10 years?" By understanding the IRS statute of limitations, taxpayers can gain clarity and know their rights in terms of tax collection. Read on to learn more about this important subject. 1. The IRS Statute of Limitations: The IRS has specific time limits, known as the statute of limitations, during which it can legally seek tax collection from individuals. This time period begins with the filing of a tax return or, in some cases, with the assessment of tax due by the IRS. Generally, the IRS has 10 years from the date of assessment to collect taxes owed. 2. Exceptions to the 10-Year Rule: While the 10-year rule is a commonly applicable statute of limitations, there are exceptions that can extend the IRS's collection timeframe. For instance, if a taxpayer enters into a payment arrangement, files for bankruptcy, or if they're living outside of the United States for an extended period, these situations can pause or extend the collection timeframe. 3. Bankruptcy and the IRS: Bankruptcy is a significant exception when it comes to the IRS's ability to collect taxes. If a taxpayer files for bankruptcy, it can halt the IRS's tax collection activities until the bankruptcy is resolved. In some cases, some unpaid taxes can be discharged as part of the bankruptcy proceeding. 4. Payment Arrangements and the IRS: For individuals unable to pay their tax debt in full, the IRS offers various payment arrangement options to help resolve outstanding balances. By setting up an installment agreement or negotiating an Offer in Compromise, taxpayers can potentially extend the IRS's collection timeframe beyond the initial 10-year timeframe. 5. International Taxpayers and the IRS: Taxpayers living outside the United States may have different rules regarding tax collection. For instance, if someone qualifies for the Foreign Earned Income Exclusion or the Foreign Tax Credit and timely files their tax return, the 10-year statute of limitations may not apply. It's important for international taxpayers to understand their specific obligations and potential exceptions. 6. Staying Informed and Seeking Professional Help: Navigating the complexities of the IRS statute of limitations and tax collection can be challenging. Taxpayers are advised to stay informed about their rights, obligations, and potential exceptions. Seeking professional assistance from tax attorneys or certified public accountants can provide a deeper understanding of individual situations and help ensure compliance with tax laws. Conclusion: While the IRS generally has a 10-year window to collect taxes owed, there are exceptions and situations that can pause or extend this timeframe. It's crucial for taxpayers to stay informed about their rights and obligations, especially if they find themselves unable to pay their tax debt in a timely manner. Consulting with professionals can provide tailored advice and guidance suited to individual circumstances.

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