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In the IRS’s own words · not reviewed by VALID
CP288 notice explained, in the IRS’s own words
We accepted your election or treatment to become a Qualified Subchapter S Trust (QSST).
Read the full CP288 page on irs.gov ↗
What this notice is about
We accepted your election or treatment to become a Qualified Subchapter S Trust (QSST).
What you need to do
- Timely file Form 1041, U.S. Income Tax Return for Estates and Trusts PDF.
- Keep this notice for your records.
For more information
Visit the following sites for more information:
- S Corporations
- Form 1120-S, U.S. Income Tax Return for an S Corporation
- Publication 542, Corporations PDF
- S Corporation Compensation and Medical Insurance Issues
- S Corporation Employees, Shareholders and Corporate Officers
- S Corporation Stock and Debt Basis
- Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees ( IRB 2008-2, Notice 2008-1)
- Publication 17, Your Federal Income Tax
How do I end the QSST election?
This election can only be stopped with the permission of the Commissioner of Internal Revenue. See IR Bulletin 2012-1 for 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.