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Form Steps to Complete 2553 IRS online Clarksville Tennessee: What You Should Know

Get IRS Form 8716, Election To Have a Tax Year Other Than a Required Tax Year You must complete Form 8716, Election to Have a Tax Year Other than a Required Tax Year. This form provides you with two ways to qualify for a tax year other than a tax year on which taxes are paid under the Federal income tax code. You must file your elections using the two methods on Form 8716. Use one to qualify for a tax year other than those on which you've paid taxes this fiscal year. Use the other if you wish to make an election that will be effective for the remaining portion of the Tax Year. If a failure occurs in one of these methods, complete a new election to have two tax years other than those on which you have paid taxes. How To Make Your Election — IRS In General, You Make Your Election On Schedule C If You Failed To Have a Tax Year in Which You Paid Taxes This Fiscal Year If you failed to file a Schedule C by the deadline, you may make an election to be treated as an S corporation for the remainder of the Tax Year. You can be treated as an S corporation for any portion of the tax year. You may not make a change in status on the election. When May You Make Your Election? If you failed to file a Schedule C by the deadline, you may make an election to be treated as an S corporation for the remainder of the Tax Year. You may not make a change in status on the election. If you don't complete Form 8716 on time, you can't make the election. Note: An election to have a tax year other than a tax year on which taxes are paid under the Federal income tax code has no effect on any current year federal or state tax liability. What You Must Do on Your Election Year's Return If you make the election, you must file your return on Form 940. Additional Information (for Form 8716) — IRS Form 8716 includes an Election to Have a Tax Year Other Than a Required Tax Year and a Non-elective Initial Election. The requirements for being treated as a tax year other than a tax year on which taxes are paid under the Federal income tax code are as follows: You can be treated as an S corporation for the remainder of the tax year. You may qualify for the election if you've filed your returns.

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