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How to prepare Form 870
About Form 870
About Form 870: Understanding Its Purpose and Usage Form 870 is a document issued by the Internal Revenue Service (IRS) used for the settlement of tax audits. It is an Agreement to Extend the Time to Assess Tax, which allows taxpayers and the IRS to postpone the assessment of taxes owed until a later date. This form is typically used when both parties need extra time to resolve a tax audit or dispute. Purpose of Form 870: The main purpose of Form 870 is to provide a framework for negotiation between taxpayers and the IRS. It helps in reaching a mutually agreeable resolution for outstanding tax issues and avoiding potential legal disputes. By signing this form, taxpayers grant the IRS additional time to assess their tax liability, giving them more room to negotiate and settle on the final tax amount owed. How Form 870 is Used: When a taxpayer is audited by the IRS, it may result in the assessment of additional taxes, penalties, or interests. In such cases, the IRS may propose certain adjustments to the taxpayer's reported income or deductions. To allow for more time to resolve these proposed adjustments, both parties can enter into an agreement using Form 870. This form outlines the agreed-upon extension period during which the taxpayer must provide any necessary documentation or argument to support their position. The IRS, in turn, suspends the assessment period until the agreed time expires. This enables both parties to engage in further discussions, appeals, negotiations, or even collection alternatives, if necessary. Form 870 Considerations: When considering the usage of Form 870, it is important for taxpayers to thoroughly analyze their tax situation and engage professional assistance, such as tax attorneys or certified public accountants (CPAs). These experts can provide valuable guidance and ensure that taxpayers understand the implications and potential consequences of signing the form. It's essential to note that signing Form 870 does not absolve taxpayers from their tax obligations. It is an agreement to extend the assessment period, not an agreement to erase or reduce tax liabilities. Therefore, taxpayers should carefully review their tax returns, supporting documents, and proposed adjustments before entering into this agreement. Overall, Form 870 serves as a valuable tool for taxpayers and the IRS to come to a mutually acceptable resolution during tax audits, providing additional time and flexibility to resolve disputes effectively.
What Is Irs Form 870 Ad?
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