Form 872 Consent to Extend Time to Assess Tax
Form 872 allows taxpayers to consent to an extension of the time for the IRS to assess taxes. This form helps ensure clarity and understanding of any additional tax assessments. Essential for taxpayers and their representatives to manage tax liabilities effectively.
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How do I fill this out?
To fill out this form, start by entering your Tax Identification Number and the names and addresses of all parties involved. Ensure that all required signatures are obtained from taxpayers and their representatives, if any. Review the completed form for accuracy before submission.
How to fill out the Form 872 Consent to Extend Time to Assess Tax?
1
Enter Tax Identification Number (TIN) and taxpayer information.
2
Specify the tax and periods involved for the consent.
3
Gather signatures from all necessary parties, including spouses if joint returns apply.
4
Ensure to read and understand your rights as a taxpayer.
5
Submit the completed form to the appropriate IRS office.
Who needs the Form 872 Consent to Extend Time to Assess Tax?
1
Individual taxpayers who need to extend time for tax assessments.
2
Tax professionals helping clients manage tax liabilities.
3
Accountants who file joint tax returns for couples.
4
Businesses with complex tax situations requiring extra review time.
5
Trustees managing partnership taxes needing temporary extensions.
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What are the instructions for submitting this form?
To submit Form 872, you can fax it directly to the IRS at the number provided on the form. Alternatively, you can mail it to the specified IRS address for submissions. Always consult the IRS website for the most current addresses and submission methods.
What are the important dates for this form in 2024 and 2025?
For taxpayers using Form 872 in 2024 and 2025, remember that crucial deadlines may vary. Typically, extensions should be submitted before the original assessment period expires. Always check IRS guidelines for the most accurate dates.
What is the purpose of this form?
Form 872 serves as a critical document for taxpayers who need to extend the time for the IRS to assess taxes. By signing this consent form, taxpayers acknowledge their understanding of the extension, which can help avoid unintentional tax liabilities. This form also safeguards taxpayers' rights by ensuring they are informed about modifications to their assessment timelines.
Tell me about this form and its components and fields line-by-line.
- 1. TIN: Tax Identification Number of the taxpayer.
- 2. Taxpayer Name(s): Names of individuals or entities requesting the extension.
- 3. Address: Current address of the taxpayer.
- 4. Period Ending: The tax period for which the extension is requested.
- 5. Expiration Date: Date setting the limit for the extension.
- 6. Signatures: Authorized signatures from all relevant parties.
What happens if I fail to submit this form?
Failing to submit Form 872 on time can result in the IRS being unable to assess your tax appropriately. This oversight may lead to late penalties and additional interest on unpaid taxes. Timely submission is crucial to ensuring your tax rights are protected.
- Penalties: Late submissions may incur penalties as set by the IRS.
- Unresolved Taxes: Failure to assess taxes can result in outstanding tax balances.
- Loss of Rights: Delays may compromise rights to appeal IRS decisions.
How do I know when to use this form?
- 1. Tax Assessments: When the IRS needs more time to assess your tax responsibilities.
- 2. Partnership Items: If dealing with partnership-related tax extensions.
- 3. Joint Returns: When submitting a joint return and needing mutual signatures.
Frequently Asked Questions
How do I fill out Form 872?
Start by entering the required taxpayer information and TIN. Ensure all signatures are obtained and review the form before submitting.
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How do I share the edited PDF?
You can share your edited PDF through email or generate shareable links using PrintFriendly.
What happens if I don’t submit this form?
Failure to submit may lead to unresolved tax assessments which can result in penalties.
Who needs to sign this form?
All taxpayers involved must sign the form, including spouses for joint returns.
Are there any deadlines for submitting this form?
It's important to submit within the specified tax assessment periods to avoid complications.
Can tax representatives sign this form?
Yes, authorized tax representatives can sign if specified in a power of attorney.
Where can I download this form?
You can download Form 872 directly from the IRS website or use PrintFriendly to obtain a clean version.
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