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Beaumont Texas Form 872: What You Should Know

The statute of limitation is an IRS statute that provides that no tax may be assessed or collected against the taxpayer after the statutory period of limitations has expired. However, because this one year extension did not have a physical expiration date, it was interpreted as one year. Since this extension has no physical expiration date, the court does not follow IRS instructions when issuing a 1099 and issues a 1099-MISC in lieu of a 1099-DIV. The IRS instructions on the form is: “The standard Form 1099-MISC form will allow the taxpayer to make the correction or statement before the annual due date of the return.”   The 1099-DIV is required to be filed each year, however this form can only be sent once a year. Taxpayers may file this form at their IRS office. This form can only be used once. IRS Forms 1099-B and 1099-MISC do not extend the statute of Limitations. Instead, they allow for filing and sending the Forms 1099-B and 1099-MISC once a year on the anniversary date, not during the year. Why do IRS Forms 872 Statutory Extension Consent not apply to the Taxpayer's 1099 Payments? The IRS Forms 872 Statutory Extension Consent is not a form that provides for the extension of the deadlines for filing tax returns, tax returns due, returns due by deadline, and payment of tax due. The IRS does not use these forms to extend deadlines for filing tax returns, tax returns due, returns due by deadline, and payment of tax due.  Why do IRS Forms 872 Statutory Extension Consent not apply to the Taxpayer's 1099 Payments? If a taxpayer has signed a Form 872, the taxpayer must continue to file with the IRS and pay all taxes due. Since Forms 872 Statutory Extension Consent are a tax form for Form 1099 Payments, these forms should not be used to extend deadlines for filing tax returns, tax returns due, returns due by deadline, and payment of the IRS tax due. If a Form 872 Statutory Extension Consent extension is completed, the taxpayer need not take the same steps to make the 1099 Payment as to file a proper 1099-MISC for the entire year. In fact, the IRS recommends that taxpayers file the 1099-MISC after filing their tax returns.  Form 872 Statutory Extension Consent is not valid when the taxpayer makes a Payment with a 1099 Form.

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