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A Notice of Deficiency gives you a chance to contest the tax liability in Tax Court. If you sign this Notice of Deficiency-Waiver, you are giving up your rights to disagree with IRS and basically telling them to come after your money and/or property to satisfy your tax debt based on the amount they have calculated it to be no matter if that is right or wrong. The Tax Court may determine you owe a lesser amount or maybe none at all. After signing this form, if you determine later that you didn't owe the tax, you can file for a refund. You must have paid the tax before you do this, though.
What exactly is a Notice of Deficiency-waiver? I don't quite understand what it is asking me to sign. I understand I owe more tax, but what does signing the waiver actually do?