Get the free Consent To Extend Period of Limitation on Assessment of Income Taxes - irs

Form 952 is used by receiving corporations to consent to an extension of the period of assessment for income taxes on the complete liquidation of a subsidiary under section 332 of the Internal Revenue

How to fill out consent to extend period

How to fill out Consent To Extend Period of Limitation on Assessment of Income Taxes

1. Obtain the Consent To Extend Period of Limitation on Assessment of Income Taxes form from the appropriate tax authority.
2. Fill in your personal information, including name, address, and taxpayer identification number.
3. Specify the tax year for which you are requesting an extension.
4. Indicate the length of the extension period you are seeking.
5. Sign and date the form to certify that the information provided is correct.
6. Submit the completed form to the relevant tax authority by the designated deadline.

Who needs Consent To Extend Period of Limitation on Assessment of Income Taxes?

1. Individuals or businesses that require additional time for the tax authority to assess their income taxes.
2. Taxpayers who are under audit or who have pending issues with their tax returns.
3. People who need to ensure their rights to contest any potential tax liabilities beyond the original limitation period.

People Also Ask about

Why would a taxpayer agree to extend the statute of limitations?

The IRS has a relatively short time to complete an audit and its resources are limited. Consequently, the IRS often must ask taxpayers to “voluntarily” extend the assessment-period by granting a Form 872 (Consent to Extend the Time to Assess Tax) or some variation thereof.

What does taxation by consent mean?

The term “tax consent” refers to the agreement of citizens to submit to taxes set by public authorities. This support rests on several pillars: understanding of the tax system, the perception of fairness in the distribution of public burdens, and the level of confidence in the use of the funds collected.

What is a consent to tax increase IRS?

If you sign that letter it means that you agree to the proposed changes the IRS made to your return. If you are unsure that the changes are correct, or you need them reviewed by a tax professional, do not sign the paper.

What is consent to extend the time to assess tax?

Form 872-A, Special Consent to Extend the Time to Assess Tax, is used for agreeing to an open-ended assessment period. However, Form 872-A may not be used for employment taxes or certain miscellaneous excise taxes. be covered by the restricted consent does not make it impractical to do so.

What is the extended time for taxes?

Taxpayers that request an extension by the April 15 tax filing due date will have until Oct. 15 to file without penalties. Remember that an extension gives extra time to file; it does not give taxpayers extra time to pay if they owe.

What is the period of limitations on assessment?

the tax may be assessed, or a proceeding in court for collection of such tax may be begun without assessment, at any time within 6 years after the return was filed.

What is a consent to use of tax return?

All consents to disclose or use tax return information must be signed by the taxpayer. (a) For consents on paper, the taxpayer's consent to a disclosure or use must contain the taxpayer's signature. (b) For electronic consents, a taxpayer must sign the consent by any method prescribed in section 5, below.

What is the period of limitations that apply to income tax returns?

Period of limitations that apply to income tax returns Keep records for 3 years from the date you filed your original return or 2 years from the date you paid the tax, whichever is later, if you file a claim for credit or refund after you file your return.

What is a consent to use of tax return?

All consents to disclose or use tax return information must be signed by the taxpayer. (a) For consents on paper, the taxpayer's consent to a disclosure or use must contain the taxpayer's signature. (b) For electronic consents, a taxpayer must sign the consent by any method prescribed in section 5, below.

For pdfFiller’s FAQs

What is Consent To Extend Period of Limitation on Assessment of Income Taxes?

It is a formal agreement between the taxpayer and the IRS that allows both parties to extend the time limit for assessing income taxes beyond the standard deadline.

Who is required to file Consent To Extend Period of Limitation on Assessment of Income Taxes?

Taxpayers who wish to extend the statute of limitations for income tax assessments, generally when they are under audit or can’t finalize their tax position, are required to file this consent.

How to fill out Consent To Extend Period of Limitation on Assessment of Income Taxes?

It requires the taxpayer to provide their personal details, the specific tax year involved, and the agreed extension date, and must be signed by both the taxpayer and the IRS representative.

What is the purpose of Consent To Extend Period of Limitation on Assessment of Income Taxes?

The purpose is to allow additional time for the IRS to review and assess taxes for a specific tax year, particularly if the taxpayer needs more time to resolve complex issues related to their tax return.

What information must be reported on Consent To Extend Period of Limitation on Assessment of Income Taxes?

Necessary information includes the taxpayer's name, address, taxpayer identification number, the tax years in question, the agreed extension period, and the signature of the taxpayer and IRS agent.