What This Notice Means

The IRS approved your Form 8716, Election To Have a Tax Year Other Than a Required Tax Year. Your partnership or S corporation can now use the approved fiscal year under its section 444 election.

What to Do

  • File your annual return, Form 1065 or Form 1120-S, on time for the approved fiscal tax year.
  • Attach a copy of the approved Form 8716 to your Form 1065 or Form 1120-S for the first tax year after the election.
  • File Form 8752, Required Payment or Refund Under Section 7519, every year by May 15.
  • Make all Form 8752 payments on time.
  • Keep this notice in your permanent records.

Form 8752 Is Not Optional

You must file Form 8752 every year the section 444 election is in effect, even if you don't owe anything.

If you don't file Form 8752, or don't pay when you file, your fiscal year election ends. That is the price of missing it. Calendar May 15 every year.

Going Back to a Calendar Year

To end the section 444 election, file a final Form 8752. You'll also file a short period Form 1065 or Form 1120-S ending December 31 with the final Form 8752. The IRS refunds any credit on your account.

If You Stop Filing Returns

If the business no longer has to file Form 1065 or Form 1120-S, you must end the election. Send a final Form 1065 or Form 1120-S along with a final Form 8752.

Review the Form 8752 instructions to confirm where to file it.

If you received a CP286 notice and want your fiscal year filings set up right, call us at (813) 229-7100.