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YOUR SIGNATURE HERE Date signed TAXPAYER S REPRESENTATIVE SIGN HERE CORPORATE NAME Title OFFICER S INTERNAL REVENUE SERVICE SIGNATURE AND TITLE Division Executive Name - see instructions BY Authorized Official Signature and Title - see instructions Signature instructions are on the back of this form www.irs.gov Catalog No. 61485N Form 872-B Rev. 1-2001 Instructions If this consent is for a partnership return only one authorized partner need sign....
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How to fill out form 872 b
How to fill out form 872 b?
01
Begin by gathering all relevant information and documentation needed to complete the form, such as tax identification numbers, income statements, and any other supporting documents.
02
Review the instructions provided with the form to ensure you understand the purpose and requirements of form 872 b.
03
Enter your personal information accurately and completely, including your name, address, and contact information.
04
Provide the necessary details regarding the tax period in question, including the specific tax year or years being addressed.
05
Carefully read each section of the form and provide the requested information accordingly. This may include details about the tax liabilities being addressed and any proposed adjustments or corrections.
06
Include any additional explanations or attachments as required by the form instructions. Be sure to provide clear and concise explanations that support your case or request.
07
Check the completed form for any errors or omissions before submitting it. Make any necessary corrections or additions to ensure accuracy.
08
Sign and date the form as required, and gather any additional signatures or certifications that may be necessary.
09
Keep a copy of the completed form and any supporting documentation for your records.
10
Submit the completed form to the appropriate tax authority as instructed, whether by mail, electronically, or through any other designated method.
Who needs form 872 b?
01
Taxpayers who are seeking to enter into a closing agreement with the Internal Revenue Service (IRS) may need to file form 872 b.
02
It may also be necessary for taxpayers who have received a Notice of Proposed Adjustment from the IRS and wish to propose an adjustment different from what was initially proposed.
03
Individuals or businesses who want to ensure finality and certainty in the resolution of their tax liabilities may also need to use form 872 b to enter into a closing agreement with the IRS.
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What is form 872 b?
Form 872-B is a consent to extend the statute of limitations on tax assessments and collections. It is used by taxpayers and the Internal Revenue Service (IRS) to agree upon an extension of time for the IRS to assess and collect tax liabilities. By signing this form, both parties agree to extend the statute of limitations for an additional period of time, allowing the IRS more time to review and take action on the taxpayer's tax matters.
Who is required to file form 872 b?
Form 872-B is used by a taxpayer to extend the statutory period for assessing additional tax. This form is generally filed by taxpayers who are under examination by the Internal Revenue Service (IRS) and want to extend the period during which the IRS can assess additional tax liabilities. Therefore, it is the taxpayer who is under examination and wants to extend the assessment period who is required to file Form 872-B.
How to fill out form 872 b?
Form 872-B is used to extend the time for assessment of tax liabilities relating to partnerships, S corporations, or certain trusts. To fill out this form, follow these steps:
1. Provide your personal and contact information in the first section, including your name, address, and taxpayer identification number (TIN).
2. Specify the type of entity for which the extension is being requested (partnership, S corporation, or trust) and enter the entity's name, address, and TIN.
3. Indicate the tax year for which the extension is being requested.
4. Enter the date of the original 872-B extension, if applicable. This form can be filed to extend previously extended periods as well.
5. Provide details about each type of tax you wish to extend in Part II. Identify the specific code section related to each type of tax (e.g., income tax, alternative minimum tax, etc.), and enter the amount of tax you want to extend.
6. In Part III, enter the reasons for the extension request. Explain why the additional time is needed, being clear and concise.
7. Attach any additional documentation or supporting information that may be necessary to clarify or substantiate your reasons for the extension.
8. Sign and date the form. If applicable, have an authorized representative sign the form on behalf of the entity.
9. Send the completed Form 872-B to the appropriate Internal Revenue Service (IRS) address as mentioned in the instructions for the form.
It is advisable to consult with a tax professional or seek assistance from the IRS if you have any uncertainties or questions while filling out this form.
What is the purpose of form 872 b?
Form 872-B is used by taxpayers to extend the time to assess the tax liability for certain taxes. It is an agreement between the taxpayer and the Internal Revenue Service (IRS) that provides temporary protection for the taxpayer against further assessment of taxes for a specific period, usually for a maximum of one year from the expiration date of the statute of limitations. This form is typically used in situations where the taxpayer and the IRS are negotiating or disputing certain tax items, and the taxpayer wants to extend the time period during which the IRS can reassess the taxes due.
What information must be reported on form 872 b?
Form 872-B, also known as the Consent to Extend the Time to Assess Tax, is used to extend the statute of limitations for the Internal Revenue Service (IRS) to assess additional taxes. This form is typically used in situations where there is an ongoing examination or disagreement between the taxpayer and the IRS regarding the amount of tax owed.
When completing Form 872-B, the following information must be reported:
1. Identification Information: The taxpayer's name, address, and taxpayer identification number (such as Social Security Number or Employer Identification Number) must be provided.
2. Taxpayer Representative Information: If the taxpayer is represented by a tax professional or an attorney, their name, address, and contact details should be included.
3. Taxpayer's Consent: The taxpayer must consent to extend the statute of limitations for assessing additional tax by signing Form 872-B.
4. Tax Period and Type: The tax period (e.g., specific year or years) for which the extension is being requested must be indicated, along with the type of tax involved (e.g., income tax, estate tax, gift tax).
5. Reason for Extension: The specific reasons for requesting the extension should be explained in detail. This could include ongoing examinations, disputes, appeals, or other unresolved issues related to the tax liability.
6. Agreement Terms: The agreement terms between the taxpayer and the IRS should be clearly outlined, including the agreed-upon extension period. The agreed extension period cannot exceed six years unless exceptional circumstances apply.
7. Effective Date: The effective date of the agreement is when the extended statute of limitations begins.
Once completed, the taxpayer must send the signed Form 872-B to the IRS for processing. It is important to consult with a tax professional or an attorney when completing this form to ensure accuracy and compliance with the IRS regulations.
When is the deadline to file form 872 b in 2023?
The deadline to file Form 872-B for a specific tax year is generally determined on a case-by-case basis. It is an agreement between the taxpayer and the IRS to extend the period for assessing tax liabilities. Therefore, the deadline will depend on when the taxpayer and the IRS agree to extend that period. For accurate and up-to-date information, it is recommended to consult the IRS or a tax professional.
What is the penalty for the late filing of form 872 b?
The penalty for late filing of Form 872-B, Consent to Extend the Time to Assess Civil Penalties, depends on the specific situation and is determined by the Internal Revenue Service (IRS). Generally, if the form is filed late without a reasonable cause or an adequate explanation, the IRS may assess penalties. However, the exact penalty amount and details can vary, so it is recommended to consult with a tax professional or refer to the IRS guidelines for specific information related to your case.
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