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Printable Form 872 Hayward California: What You Should Know

The IRS advised that the IRS had concluded, on February 16, 2002, that the sale of property or services in certain states had taken place within 7 3/4 years before the date on which the IRS was notified. The 7-3-year statute of limitations (and the 7 to 14 year statute of limitations for federal income tax purposes) is a longstanding rule of federal tax law. The taxpayer provided us the IRS Form 872, with the handwritten signature of the IRS officer. We then sent the Form 872 to the IRS. The Department of Treasury's Taxpayer Advocate Service Office issued several interpretations of the 6-month requirement. In our Opinion on Taxpayers and Statute of Limitations, we recommended that taxpayers not use Form 872. However, because the IRS had decided to require the taxpayer to sign, we had to accept the IRS Form 872 as the correct filing date for the Statute of Limitations application. The IRS letter to the taxpayer stated that it was not necessary to file a Statement of Information (SI) with the Form 872. The SI, which allows for the extension, may be useful in future years if for some reason the deadline for the return is extended during a year the SI was not filed. Statute Of Limitations The Statute of Limitations is an extension of the period of time to pursue the recovery of an amount or right that the seller must complete and file in the same state that the taxpayer acquired, or is required to file under state or local law. Taxpayer's Information If the Statute of Limitations is 3 years or less after the date of sale of property or services, the amount of the tax imposed must be included in the taxpayer's income for that period of taxable years to which the statute relates. In all other statutes of limitations, the seller is not required to file his return (or any related return) for a given period but must complete and file an earlier return if the Statute of Limitations is over 18 months after the date of sale. If the statute is over 18 months after the date of sale, the seller must make a special return for this period of 18 months. In those circumstances, the taxpayer is not required to file any tax return for these periods of time. This tax applies to any taxable years in which the statute of limitations is over 18 months from the period in which it would occur under the seller's law or state law (but not over any year in which the statute of limitations would not be relevant).

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