If you are being audited by the IRS, the IRS may request that you sign Form 872, which extends the amount of time the IRS has to assess you additional tax. In essence, you are agreeing to extend the statute of limitations the IRS has to assess you additional tax. Whether or not you agree to extend the statute may depend upon the facts and circumstances of the audit and tax period at audit. If you are being audited by the IRS, it may be best to contact a tax attorney or tax professional to discuss the matter. You can speak with a tax attorney in Denver, Colorado by contacting The McGuire Law Firm. The video below has been prepared by a tax attorney to provide additional information regarding Form 872.
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The McGuire Law Firm has successfully resolved IRS audits for many individual and business clients.