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Article: IRS requests for extension: think before signing. (Internal Revenue Service)
- Article from:
- The National Public Accountant
- Article date:
- February 1, 1993
- Author:
CopyrightCOPYRIGHT 1993 National Society of Public Accountants. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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I need a signed Form 872 to extend the statute so I can complete the audit." How many times have accountants heard that scenario from Internal Revenue agents? This article will highlight information about Form 872 to extend the statute of limitations and will discuss the alternatives to signing a Form 872.
Statute of limitations
Generally, IRS assessments must be made within three years after the return was due or filed, whichever is later |Internal Revenue Code Section 6501~. There is a six-year limitation in cases where the gross income shown on the return or the gross receipts of a trade or business (excluding the cost of sales or services) are understated ...