Form 8716 - Election To Have A Tax Year Other Than A Required Tax Year Page 2
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Form 8716 (Rev. 12-2008)
Page
Use Schedule H (Form 1120), Section
Specific Instructions
beginning November 1. ABC’s required tax
280H Limitations for a Personal Service
year under section 1378 is a calendar tax
Line 1
Corporation (PSC), to figure the required
year. In this case, the deferral period of the
minimum distribution and the maximum
tax year being changed is 2 months. Thus,
Check the applicable box to indicate
deductible amount. Attach Schedule H to
ABC may elect to retain its tax year
whether the entity is classified for federal
the income tax return of the PSC for each
beginning November 1 and ending October
income tax purposes as a partnership, an
tax year the PSC does not meet the
31 or elect a tax year beginning on
S corporation (or a C corporation electing
minimum distribution requirements.
December 1 (with a deferral period of one
to be an S corporation), or a PSC.
month). However, it may not elect a tax
The section 444 election will end if the
year beginning October 1 because the
A corporation electing to be an
PSC is penalized for willfully failing to
3-month deferral period would be longer
S corporation that wants to make a section
comply with the requirements of section
than the 2-month deferral period of the tax
444 election is not required to attach a
280H.
year being changed. If ABC elects a tax
copy of Form 8716 to its Form 2553,
Members of Certain Tiered
year beginning on December 1, it must file
Election by a Small Business Corporation.
a short tax year return beginning
However, the corporation is required to
Structures May Not Make
November 1 and ending November 30.
state on Form 2553 its intention to make a
Election
section 444 election (or a backup section
Deferral period. The term “deferral period”
444 election). If a corporation is making a
means the number of months between the
No election may be made under section
backup section 444 election (provided for
last day of the elected tax year and the last
444(a) by an entity that is part of a tiered
in Part II, item Q, of Form 2553), it must
day of the required tax year. For example,
structure other than a tiered structure that
type or print the words “Backup Election”
if you elected a tax year that ends on
consists entirely of partnerships and/or S
at the top of the Form 8716 it files. See
September 30 and your required tax year
corporations all of which have the same
Temporary Regulations section 1.444-3T
is the calendar year, the deferral period
tax year. An election previously made will
for more details.
would be 3 months (the number of months
be terminated if an entity later becomes
between September 30 and December 31).
part of a tiered structure that is not allowed
Line 2
to make the election. See Temporary
Regulations section 1.444-2T for other
Enter the name and telephone number
Paperwork Reduction Act Notice. We
details.
(including the area code) of a person that
ask for the information on this form to
the IRS may call for information needed to
carry out the Internal Revenue laws of the
Acceptance of Election
complete the processing of the election.
United States. You are required to give us
the information. We need it to ensure that
After your election is received and
Line 4
you are complying with these laws and to
accepted by the service center, the center
allow us to figure and collect the right
will stamp it “Accepted” and return a copy
Required tax year. The required tax year
amount of tax.
to you. Be sure to keep a copy of the form
for an S corporation or PSC is a calendar
marked “Accepted” for your records.
You are not required to provide the
year. Generally, the required tax year for a
information requested on a form that is
partnership is the tax year of a majority of
End of Election
subject to the Paperwork Reduction Act
its partners (see Regulations section
unless the form displays a valid OMB
1.706-1(b) for details).
The election is made only once. It remains
control number. Books or records relating
in effect until the entity changes its
Line 5
to a form or its instructions must be
accounting period to its required tax year
retained as long as their contents may
The following limitations and special rules
or some other permitted year or it is
become material in the administration of
apply in determining the tax year an entity
penalized for willfully failing to comply with
any Internal Revenue law. Generally, tax
may elect.
the requirements of section 280H or 7519.
returns and return information are
If the election is terminated, the entity may
New entity adopting a tax year. An entity
confidential, as required by section 6103.
not make another section 444 election.
adopting a tax year may elect a tax year
The time needed to complete and file
under section 444 only if the deferral
Signature
this form will vary depending on individual
period of the tax year is not more than 3
circumstances. The estimated average time
months. See Deferral period below.
Form 8716 is not a valid election unless it
is:
is signed. For partnerships, a general
Existing entity retaining a tax year. In
Recordkeeping
2 hr., 37 min.
partner or a member-manager of a limited
certain cases, an entity may elect to retain
Learning about the
liability company must sign and date the
its tax year if the deferral period is not
law or the form
1 hr., 12 min.
election.
more than 3 months. If the entity does not
want to elect to retain its tax year, it may
Preparing and sending
For corporations, the election must be
elect to change its tax year as explained
the form to the IRS
1 hr., 16 min.
signed and dated by the president, vice
below.
president, treasurer, assistant treasurer,
If you have comments concerning the
chief accounting officer, or any other
Existing entity changing a tax year. An
accuracy of these time estimates or
corporate officer (such as tax officer)
existing entity may elect to change its tax
suggestions for making this form simpler,
authorized to sign its tax return.
year if the deferral period of the elected tax
we would be happy to hear from you. You
year is not more than the shorter of 3
can write to the Internal Revenue Service,
If a receiver, trustee in bankruptcy, or
months or the deferral period of the tax
Tax Products Coordinating Committee,
assignee controls the entity’s property or
year being changed. If the tax year being
SE:W:CAR:MP:T:T:SP, 1111 Constitution
business, that person must sign the
changed is the entity’s required tax year,
Ave. NW, IR-6526, Washington, DC 20224.
election.
the deferral period for that year is zero and
Do not send the form to this address.
the entity is not permitted to make a
Instead, see Where To File on page 1.
section 444 election.
Example. ABC, a C corporation that
historically used a tax year ending October
31, elects S status and wants to make a
section 444 election for its tax year
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