Get the free Form 872-P (Rev. 7-2009). Consent to Extend the Time to Assess Tax Attributable to P...

Form 872P (Rev. July 2009) In reply refer to: Department of the TreasuryInternal Revenue Service Consent to Extend the Time to Assess Tax Attributable to Partnership Items Partnership's Taxpayer Identification

How to fill out Form 872-P Rev 7- Consent to Extend

How to fill out Form 872-P Rev 7- Consent to Extend

1. Obtain Form 872-P Rev 7 from the IRS website or your tax professional.
2. Review the form to understand the purpose of the consent to extend the statute of limitations on tax assessments.
3. Fill in your name, address, and identifying information at the top of the form.
4. Complete the section specifying the tax type and tax year for which the extension of the statute is being requested.
5. Sign and date the form in the appropriate fields.
6. Providing the consent of any other required parties, such as a spouse or business partner, if applicable.
7. Ensure all information is accurate and complete before submission.
8. Submit the completed form to the appropriate IRS office or designated representative.

Who needs Form 872-P Rev 7- Consent to Extend?

1. Taxpayers who are undergoing an audit or review by the IRS and need to extend the time for assessment.
2. Taxpayers who wish to allow the IRS additional time to assess tax liabilities.
3. Individuals or businesses that need to delay the expiration of the statute of limitations on their tax account.

People Also Ask about

Can the IRS consent to extend statute of limitations?

Sec. 6501(c) allows the IRS and a taxpayer to consent in writing to extend the statute of limitation to assess tax. Usually the Service makes the request to extend the limitation period because it cannot complete an examination within the normal three-year period for making an assessment against the taxpayer.

What is a form 872 a special consent to extend the Time to assess tax?

Form 872, Consent to Extend the Time to Assess Tax, is generally used to effectuate an agreed extension to a certain date, however, other versions of the form may be used for different types of taxpayers or issues (e.g., Form 872-M, Consent to Extend the Time to Make Partnership Adjustments, is used for partners

What is IRS form 872?

What is Form 872? Form 872 is a simple form invoice in which the Taxpayer agrees to extend the statute of limitations through the following year (usually), to allow the IRS sufficient time to work the case. They are commonplace in nearly all VDP cases.

How many days can a taxpayer extend the time to petition the tax court?

Can I get an extension of time to file a petition? No. By law, the Tax Court cannot extend the time for filing a petition.

What is a form 872 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.

Who signs form 872?

A Form 872 may be signed by the president, vice-president, treasurer, assistant- treasurer, chief accounting officer, or any other officer duly authorized to act in this capacity, whether or not they signed the return. The title of the signing officer must be shown on the Form 872.

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What is Form 872-P Rev 7- Consent to Extend?

Form 872-P Rev 7 is a document used by the IRS that allows taxpayers to consent to an extension of the period for assessing tax deficiencies.

Who is required to file Form 872-P Rev 7- Consent to Extend?

Taxpayers who wish to extend the statute of limitations for the IRS to assess a tax liability typically need to file Form 872-P Rev 7.

How to fill out Form 872-P Rev 7- Consent to Extend?

To fill out Form 872-P Rev 7, taxpayers must provide their name, address, tax identification number, and indicate the specific tax years for which they are consenting to extend the statute of limitations.

What is the purpose of Form 872-P Rev 7- Consent to Extend?

The purpose of Form 872-P Rev 7 is to provide the IRS with the taxpayer's consent to extend the time frame in which the IRS can assess any unpaid taxes or tax corrections.

What information must be reported on Form 872-P Rev 7- Consent to Extend?

Form 872-P Rev 7 requires reporting of the taxpayer's name, address, tax identification number, the type of tax involved, and the tax years for which the extension is granted.