Form 870 PDF Details

Navigating the intricacies of tax forms and regulations is a daunting task for many taxpayers. The Form 870, a critical document issued by the Department of the Treasury—Internal Revenue Service in March 1992, stands as a pivotal agreement between taxpayers and the IRS. It is designed to expedite the assessment and collection process for tax deficiencies, which refers to the increase in tax and penalties, while also addressing any overassessments, or decrease in tax and penalties. By consenting to this form, taxpayers agree to the immediate assessment and collection of the specified adjustments to their taxes, along with applicable interest, effectively waiving their right to contest the adjustments in the United States Tax Court for the specified tax years. This consent, however, doesn't bar taxpayers from filing a future claim for refund should they believe an error has been made, marking a blend of finality and flexibility within the tax resolution process. Moreover, Form 870 includes provisions for information sharing with State tax agencies and outlines clear instructions on who must sign the form, ranging from individual taxpayers and spouses in the case of a joint filing, to corporate officers and fiduciaries, ensuring that the process of consenting to tax adjustments is as transparent and straightforward as possible. This form, while a seemingly simple document, represents a significant step in the tax collection and adjustment mechanism, emphasizing the importance of understanding one’s obligations and rights within the tax system.

QuestionAnswer
Form NameForm 870
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesform 870 3, irs waiver, irs form 906, visa waiver program usa

Form Preview Example

Form 870

(Rev. March 1992)

Department of the Treasury—Internal Revenue Service

Waiver of Restrictions on Assessment and Collection of Deficiency in Tax and Acceptance of Overassessment

Date received by

Internal Revenue Service

Names and address of taxpayers (Number, street, city or town, State, ZIP code)

Social security or employer identification number

Increase (Decrease) in Tax and Penalties

Tax year ended

Tax

 

Penalties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(For instructions, see back of form)

Consent to Assessment and Collection

I consent to the immediate assessment and collection of any deficiencies (increase in tax and penalties) and accept any overassessment (decrease in tax and penalties) shown above, plus any interest provided by law. I understand that by signing this waiver, I will not be able to contest these years in the United States Tax Court, unless additional deficiencies are determined for these years.

YOUR SIGNATURE HERE

SPOUSE'S

SIGNATURE

TAXPAYER'S REPRESENTATIVE HERE

CORPORATE

NAME

CORPORATE

OFFICER(S)

SIGN HERE

Title

Title

Date

Date

Date

Date

Date

Catalog Number 16894U

Form 870 (Rev. 3-1992)

Name of Taxpayer:

Identification Number:

Form 870 page 2

Instructions

General Information

If you consent to the assessment of the deficiencies shown in this waiver, please sign and return the form in order to limit any interest charge and expedite the adjustment to your account. Your consent will not prevent you from filing a claim for refund (after you have paid the tax) if you later believe you are so entitled. It will not prevent us from later determining, if necessary, that you owe additional tax; nor extend the time provided by law for either action.

We have agreements with State tax agencies under which information about Federal tax, including increases or decreases, is exchanged with the States. If this change affects the amount of your State income tax, you should file the required State form.

If you later file a claim and the Service disallows it, you may file suit for refund in a district court or in the United States Claims Court, but you may not file a petition with the United States Tax Court.

We will consider this waiver a valid claim for refund or credit of any overpayment due you resulting from any decrease in tax and penalties shown above, provided you sign and file it within the period established by law for making such a claim.

Who Must Sign

If you filed jointly, both you and your spouse must sign. If this waiver is for a corporation, it should be signed with the corporation name, followed by the signatures and titles of the corporate officers authorized to sign. An attorney or agent may sign this waiver provided such action is specifically authorized by a power of attorney which, if not previously filed, must accompany this form.

If this waiver is signed by a person acting in a fiduciary capacity (for example, an executor, administrator, or a trustee) Form 56, Notice Concerning Fiduciary Relationship, should, unless previously filed, accompany this form.

Catalog Number 16894U

Form 870 (Rev. 3-1992)

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form 870 ad conclusion process outlined (portion 1)

2. Once your current task is complete, take the next step – fill out all of these fields - I consent to the immediate, YOUR SIGNATURE HERE, SPOUSES SIGNATURE, TAXPAYERS REPRESENTATIVE HERE, CORPORATE NAME, CORPORATE OFFICERS, SIGN HERE, Date, Date, Date, Date, Date, Title, Title, and Catalog Number U with their corresponding information. Make sure to double check that everything has been entered correctly before continuing!

Part # 2 for completing form 870 ad

3. Completing Name of Taxpayer, Identification Number, Form page, General Information, Instructions, If you consent to the assessment, We have agreements with State tax, We will consider this waiver a, Who Must Sign, and If you filed jointly both you and is essential for the next step, make sure to fill them out in their entirety. Don't miss any details!

Part # 3 of submitting form 870 ad

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