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In the IRS’s own words · not reviewed by VALID
CP286 notice explained, in the IRS’s own words
We approved your Form 8716, Election To Have a Tax Year Other Than a Required Tax Year PDF.
Read the full CP286 page on irs.gov ↗
What this notice is about
We approved your Form 8716, Election To Have a Tax Year Other Than a Required Tax Year PDF.
What you need to do
- File your annual business income tax returns ( Form 1065, U.S. Return of Partnership Income PDF or Form 1120-S, U.S. Corporation Income Tax Return PDF) on time for the approved fiscal tax year.
- Include a copy of your approved Form 8716 with your Form 1065 or Form 1120-S for the first tax year after the election is made.
- File Form 8752, Required Payment or Refund Under Section 7519 PDF, annually by May 15.
- Make all Form 8752 payments on time.
You may want to
- Keep this notice for your permanent records.
- Find where to file your Form 8752.
- Review the instructions for Form 8752 PDF.
What if I want to change back to a calendar year?
File a final Form 8752 to end your Internal Revenue Code (IRC) Section 444 election. We’ll refund any credit on your account. You’ll need to file a short period Form 1065 or Form 1120-S with your final Form 8752 ending December 31.
Do I need to file Form 8752 when I don’t owe?
Yes. You must file Form 8752 each year the Section 444 election is in effect, even if you don't owe.
If I'm no longer required to file a Form 1065 or Form 1120S, do I need to end my election?
Yes. You must send a final Form 1065 or Form 1120-S, along with a final Form 8752.
What happens if I don’t file Form 8752 or don’t pay when I file?
Failure to file or pay will end your fiscal year election.
Reference tools
- Publication 1, Your Rights as a Taxpayer
- Publication 17, Your Federal Income Tax
- Full list of tax forms and instructions
What to do next
- Write down the date on the letter today.
- Look the number up on irs.gov yourself. Don’t trust a link or phone number from anyone else.
- If it says you owe money or proposes changes to your return, take it to a licensed CPA, EA or tax attorney before that date.
Not advice. Not a filing. Verify with a licensed professional. Rules change by year and facts.