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Form 870 for South Bend Indiana: What You Should Know

Signed Form 870-l should be mailed to the assessor office at this address: County Tax Assessment Office (TPA) Attn: TAO, P.O. Box 718, Indianapolis, IN 46204; or you can fax to 3. The assessor office is obligated to investigate the case, and complete the form within 2 years of the original filing. Settlement Agreement Form 870-AD is used in the settlement of tax appeals cases that have been accepted by the Tax Appeals Division. The basic Form 870 is typically used where a mutual concession is made. (Note: a waiver of restrictions must be signed when an agreement has been made that the appeal is not to be accepted.) Instructions for signing form 870-l The first page consists of a waiver of restrictions that will be accepted. Next, the taxpayer will either sign the original waiver of restrictions on assessment and collection (Form 870) or sign, ink, and send the signed form, along with any applicable attachments (e.g., a statement from the taxpayer and, if applicable, a receipt showing a reduction of assessment or collections), to the TPA. No date is required because the TPA initiates its own investigation to determine if the waiver has been accepted by the TPA. If the TPA accepts waiver, Form 870-a, ''Waiver of Restrictions in Agreement Between Two Persons Regarding Reductions of Assessment or Collections,'' will be sent to the assessment authority. If the TPA accepts the agreement, but it is not signed and returned, the TPA assumes responsibility for collecting the tax as set forth in this Agreement. The original waiver of restrictions must remain on file until the agreement is accepted by the TPA. The agreement should be completed, signed, and returned to the Tax Appeals Division as soon as possible. SETTLING WITH THE IRS A. How does the IRS get my money? In most cases, the IRS will not receive any money directly from a taxpayer, such as a dividend or a loan, if the taxpayer requests a waiver of the restriction on assessment. However, if the taxpayer waives the restriction after signing the agreement, you (and your attorney) may retain a limited interest in the money. The IRS is required to file Form 4852 to report any interest, which the IRS will keep before distributing any of the interest earned.

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