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Printable Form 872 Wisconsin: What You Should Know

The first thing to understand when assessing the statute of limitations for your Wisconsin business is that it is not the same as the IRS statute of limitations for non-business deductions. Wisconsin has an extended statute of limitations for any non-business deduction from your Wisconsin tax return. The Wisconsin statute of limitations is the period of time beyond the due date of the return for which a return was filed (including extensions). The IRS has no such extended statute, nor does the IRS impose a penalty for non-compliance with a statute of limitations statute of limitations statute of limitations. An extension is usually granted to avoid late filings and/or a potential penalty; however, it should be noted that it is never granted for frivolous reasons, and it often requires further litigation to establish the right of the Wisconsin taxpayer for an extension. Since Wisconsin does not have the same extended statutory period as the IRS with regard to non-business deductions, a new tax concept is introduced when filing Form 872. In other words, if you are an employee, the statute of limitations is the period of time from the day you quit to the day you file the return for the year in which you stopped working. If you are a nonemployer, and you are working for your own business, the statute of limitations is the period of time from the date that the business is established, including any extensions, until the earliest of the date when the return is filed for the year (or the date the IRS receives the return, provided the return has not been filed by the return due date) or the extension date, whichever is later. In other words, if you start a new Wisconsin business and the date when you start it is July 1st, the applicable period of limitations is the longest of July 1st or the date of your return filing, provided the return has not been filed by the return due date (July 15th or sooner, which is the case for the 2024 tax year). The extended time periods for non-exempt taxpayers (such as those who do not have to file a tax return) are as follows: Business Type of Year 2024 – 2024 Non-business deductions may not be deducted from gross income for the 2024 tax year. However, you may be in a situation where you do not have to file a tax return, and you will be eligible for an “extended time period” to file your 2024 tax return.

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