What is 872 Form?

872 Form is a document used by the Internal Revenue Service (IRS) in the United States. It is commonly known as the Consent to Extend the Time to Assess Tax form. This form is used when an individual or business needs more time to file their tax returns, and the IRS grants an extension for assessment.

What are the types of 872 Form?

There are two types of 872 Forms: 1. Individual 872 Form: This form is used by individuals who require an extension to file their personal tax returns. 2. Business 872 Form: This form is used by businesses and organizations that need extra time to file their business tax returns.

Individual 872 Form
Business 872 Form

How to complete 872 Form

Completing the 872 Form is a straightforward process. Follow these steps to ensure accuracy and efficiency:

01
Gather all the necessary information required to complete the form, including your personal or business details and the reason for requesting an extension.
02
Carefully review the instructions provided with the form to understand the requirements and guidelines.
03
Fill out the form accurately, ensuring all the required fields are completed and all information is correct.
04
Double-check all the entered information to avoid any errors or mistakes.
05
Sign the form and date it before submitting it to the IRS.

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Video Tutorial How to Fill Out 872 Form

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Questions & answers

Signatures: Individuals: Taxpayer making the voluntary disclosure should sign the Form 872. If a joint voluntary disclosure was made by taxpayers who filed joint returns, both the husband and wife must sign the 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.
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
Generally, under IRC § 6502, the IRS will have 10 years to collect a liability from the date of assessment. After this 10-year period or statute of limitations has expired, the IRS can no longer try and collect on an IRS balance due. However, there are several things to note about this 10-year rule.