Form 872 Rev January Consent to Extend Time to Assess Tax

What is the Form 872 Rev January Consent To Extend Time To Assess Tax

The Form 872 Rev January, known as the Consent To Extend Time To Assess Tax, is an official document used by taxpayers in the United States to grant the Internal Revenue Service (IRS) additional time to assess tax liabilities. This form is particularly useful when there are complexities in a taxpayer's situation that may delay the assessment process. By signing this form, taxpayers can avoid potential penalties associated with late assessments and ensure compliance with IRS regulations.

How to use the Form 872 Rev January Consent To Extend Time To Assess Tax

To use the Form 872 Rev January, taxpayers must first complete the necessary sections, including personal information and details about the tax year in question. Once filled out, the form must be signed by the taxpayer and any authorized representatives. It is essential to submit this form to the IRS before the expiration of the original assessment period to ensure the extension is valid. The IRS will then acknowledge receipt and confirm the new assessment timeline.

Steps to complete the Form 872 Rev January Consent To Extend Time To Assess Tax

Completing the Form 872 Rev January involves several key steps:

• Obtain the form from the IRS website or through a tax professional.
• Fill in your name, address, and taxpayer identification number.
• Specify the tax year for which you are requesting an extension.
• Sign and date the form.
• Submit the completed form to the IRS via mail or electronically, if applicable.

Key elements of the Form 872 Rev January Consent To Extend Time To Assess Tax

Important elements of the Form 872 Rev January include:

• Taxpayer Information: This section requires the taxpayer's name, address, and identification number.
• Tax Year: The specific tax year for which the extension is requested must be clearly indicated.
• Signature: The form must be signed by the taxpayer or an authorized representative to be valid.
• IRS Acknowledgment: After submission, the IRS will send an acknowledgment confirming the extension.

Legal use of the Form 872 Rev January Consent To Extend Time To Assess Tax

The legal use of the Form 872 Rev January is to formally extend the period during which the IRS can assess taxes owed by a taxpayer. This form is recognized by the IRS as a binding agreement between the taxpayer and the agency. By signing the form, taxpayers agree to extend the assessment period, which can help mitigate the risk of penalties for late assessments and allows for thorough review of tax matters.

Filing Deadlines / Important Dates

Filing deadlines for the Form 872 Rev January are critical to ensure compliance. Generally, the form must be submitted before the expiration of the original assessment period, which is typically three years from the date a tax return was filed. However, specific circumstances may alter this timeline, so it is advisable to consult IRS guidelines or a tax professional for precise deadlines related to individual cases.