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Form 870 Wilmington North Carolina: What You Should Know

Form 1340, the waiver of penalty and interest; Form 886-EZ, the waiver of limitations on assessment of penalties and interest; and Form 866, the waiver of limitations on interest.  Familiarize yourself first with the basic principles of what constitutes a tax return, and do not assume that the form you filed is tax return for tax purposes.  In general, the IRS will not accept a completed Form 870 or 1340 nor the 1203/7 or 1356 when it has been filed (because they are forms of payment). Once filed, IRS may accept the form, but the IRS will not accept the return to the meantime unless it is a notice of assessment. You can file a Form 870 if you have paid the IRS and your tax liability has been reduced by an amount of tax you owe; the amount reduced by your payment is the amount of tax that can be claimed by the taxpayer under 15A. In that case, the tax liability will be the amount of tax paid, not the amount that could have been claimed by filing Form 870. The IRS may take your Form 870 and send you a copy or the document in the original form. Once the IRS has completed all the information on this form on any form of payment, they may accept it for filing the income tax return on the date it was received by the Treasury Department. If the IRS has not received you a completed form on any form of payment, you are considered to have received the taxpayer return and the taxpayer is required to file a return on or before the date the IRS receives and processes the taxpayer's return (other than a return that is mailed to you or sent you electronically). You can file a notice with the IRS only if you paid tax to the IRS on or before the due date for filing the return. If you do not timely file for payment or pay only part of the tax due as a failure to timely file is the primary cause behind the taxpayer's failure to file a return under 15A, you will be audited by the IRS and the IRS may impose a civil monetary penalty or an amended return penalty of up to 25,000 or both.

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