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Instruction 872 Form: What You Should Know

The statute of limitations is extended by the taxpayer to cover a tax period which starts on either 12/1/2005 or 01/01/2006 at your option. For example, if a Form 872-R is accepted on 12/1/2005, the extension will apply to taxes due on or after January 1, 2006. The statute of limitations does NOT begin the following year and does not apply if the tax is paid before the expiration date shown on the original form(s). Form 872 does not create any tax consequences for the taxpayer. However, the extension will relieve the taxpayer of the legal obligation to file Form 1040 as required by section 6014(b) of title 26 of the United States Code.  The Form 872 Statutory Extension Consent(s) are designed to save your time. You choose the form(s) which must be completed and returned to the IRS. If you have any legal questions, please call the Internal Revenue Service at, ext . How long can the statute of limitations apply in the case of a person or entity who has had his or her rights to collection of taxes waived or withdrawn? The statute of limitations is usually measured on the calendar year. For example, Form 1040 is due on January 31, 2006, and no payment of tax was due on the original form(s). However, if the taxpayer makes a payment in January and no payment is made on the original form(s) on the applicable tax year that runs from January 31, 2006, to the close of the taxable year, the statute of limitation ends at the close of that taxable year and may continue through the end of the following taxable year.

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