Get the free Form 872-I - cob sjsu

This form allows taxpayers to consent to extend the time for the IRS to assess federal taxes due on their returns. It outlines the conditions under which the assessment period can be extended, including

How to fill out form 872-i - cob

How to fill out Form 872-I

1. Obtain a copy of Form 872-I from the IRS website or your tax professional.
2. Fill out your name, address, and taxpayer identification number in the designated fields.
3. Indicate the tax period or periods for which you are agreeing to extend the statute of limitations.
4. Provide your signature and date on the form.
5. Submit the completed form to the IRS either by mailing it to the appropriate address or by submitting it online if applicable.

Who needs Form 872-I?

1. Individuals or businesses who wish to extend the statute of limitations for the assessment of tax liabilities.
2. Taxpayers who are under audit and want to allow the IRS additional time to assess tax after the original deadline.
3. Those who are involved in tax disputes and need a formal agreement regarding the timeline for assessment.

People Also Ask about

What is the 6 year rule for IRS?

6 years - If you don't report income that you should have reported, and it's more than 25% of the gross income shown on the return, or it's attributable to foreign financial assets and is more than $5,000, the time to assess tax is 6 years from the date you filed the return.

Can the IRS audit you after 5 years?

Generally, the IRS can include returns filed within the last three years in an audit. If we identify a substantial error, we may add additional years. We usually don't go back more than the last six years. The IRS tries to audit tax returns as soon as possible after they are filed.

Can IRS come after you after 10 years?

The IRS generally has 10 years – from the date your tax was assessed – to collect the tax and any associated penalties and interest from you. This time period is called the Collection Statute Expiration Date (CSED). Your account can include multiple tax assessments, each with their own CSED.

What form do I need to change my address with the IRS?

You can use Form 8822 to notify the Internal Revenue Service if you changed your home mailing address. If this change also affects the mailing address for your children who filed income tax returns, complete and file a separate Form 8822 for each child.

What is the certificate of foreign status of beneficial owner for the United States tax?

The W8-BEN is the certificate of foreign status for all types of income except for individuals with income from independent personal services--that is Form 8233. The W8-BEN form, after being signed by an NRA, should be kept on file in the Office of International Taxation.

What is the statute of limitations on IRS assessments?

Statutes of limitations generally limit the time the IRS has to make tax assessments to within three years after a return is due or filed, whichever is later. That particular date is also referred to as the statute expiration date.

What is the purpose of the 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 long does the IRS have to assess a deficiency?

The IRS can usually assess tax, by law, within 3 years after your return was due, including extensions, or – if you filed late – within 3 years after we received your return, whichever is later. This time period is called the Assessment Statute Expiration Date (ASED).

For pdfFiller’s FAQs

What is Form 872-I?

Form 872-I is a document used by the Internal Revenue Service (IRS) to provide a consent to extend the period of limitations on assessment for income tax liabilities.

Who is required to file Form 872-I?

Taxpayers or their representatives are required to file Form 872-I when they agree to extend the time for the IRS to assess additional tax liabilities.

How to fill out Form 872-I?

To fill out Form 872-I, taxpayers need to provide their details, specify the tax year, and both parties must sign and date the form to indicate agreement.

What is the purpose of Form 872-I?

The purpose of Form 872-I is to allow taxpayers and the IRS to mutually agree to extend the assessment period for tax returns, thus preventing the expiration of the statute of limitations.

What information must be reported on Form 872-I?

The information that must be reported on Form 872-I includes taxpayer details, acknowledgment of the tax years involved, the reason for extension, and signatures of both the taxpayer and the IRS representative.