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872 Form: What You Should Know
What is IRS Form 872-B Statutory Extension Consent (Rev. January 2001) Form 872-B (Rev. 1-2001). Catalog No. 61485-N. How do I complete a Form 872-A? How do I complete a Form 872-B? You may need a form of ID to sign both documents because if you apply for Forms 872-A and 872-B, you must have your SSN for both forms. Also, all documents must be in English. You may need to use a translator if you do not have the language skills for that language. Why is IRS Form 872-A better than IRS Form 872? Although this is the most common form used to extend the time to assess tax, IRS Form 872-B has some advantages. It is easier. IRS Form 872 has 2 different forms, but the two are identical. Form 872-A has 2 different forms as well. One is for people who are considered as disabled, or for persons who are under 21. The other is for tax filers who do not have an SSN, but they have other types of income or assets to include in their tax return. However, the latter type of Form 872-A is not a Consent, but a Notice of Penalty. IRS Form 872-A may have been created with the intention of doing an assessment at the end of the year, but the extension for tax penalties is for the 2023 tax year. This means an assessment is only applicable after the tax returns were filed in June and the tax due date was after the close of business on February 28th, 2014. For example, an extension by IRS Form 872 can be granted only on the following days after you filed your tax return: April 15th May 1st May 20th May 30th June 7th IRS Form 872 has 3 different periods of time to act on your tax return during which any tax penalties do not accrue. The first period is to conduct inquiries for the purpose of reviewing and assessing whether you are under the disability provisions. These inquiries would include: An examination of your disability related records to determine whether the disability is temporary or permanent; To determine whether you meet the criteria for disability. The second period applies to investigating and assessing whether the tax consequences of your tax return, including penalties, are sufficient to ensure the collection of all taxes owed on your tax return.
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Video instructions and help with filling out and completing Form 872
Instructions and Help about Form 872
Hi this is john mcguire at the mcguire law firm and this video I talked about formed 872 so recently at an individual call me and they said that the IRS auditor had issued that form a form 872 and had requested that they sign it and asked me what it was that is the form that the IRS will ask you to complete when you're going through an audit and they are not complete with the audit but they are running up against the assessment statute so basically the form extends the statute it extends the time in which the IRS can issue a notice of deficiency whether or not you actually want to sign that form extend the statute for the IRS is probably best set for a different video and other discussions but that is what that form is support to know what you're doing and what you are extending in terms of the time if the IRS is asking you to file that form if you're in that type of situation I probably recommend you speak with a tax attorney your tax professional you can always contact our law firm if you have questions we do offer a free consultation to all potential clients thank you very much.