8869 late election relief Form 2020-2024

8869 late election relief Form: What You Should Know

This notice does not apply to the late election of a subsidiary. Taxpayers should consult with the responsible IRS authority regarding the amount of taxpayer's tax liability that is subject to the penalty. IRS Provides relief for late Sub election for Sub's by consolidating several other revenue procedures into one. (See Form 388 and 8874, available on the IRS website). Form 388 — Rev. Pro. 2017-1 — IRS Filing Form 938 — Rev. Pro. 2016-3 — IRS The late Sub Election Relief provision in Rev. Pro. 2017-1 (See Form 388 and 8874, available on the IRS website) was added to make it easier for corporations to obtain relief for late Sub elections for their Qualified Subsidiaries. Sub's, ESB's, S ST's, and Sub entities may obtain relief for their late elections by filing a completed Form 8869 with the IRS (See Rev. Pro. 2017-1, (taxpayer will submit a Form 8869 to the IRS for relief)). This Notice does not apply to the late election of a subsidiary. Form 8869 (Rev. Dec. 2017) provides relief for late Sub Election relief to correct a late or defective sub sent election, ESB Election, SST Election, Sub election or entity class cation election (via Form 8869). Consequence of late Sub Election Relief. (Per Tax Notes, Form 8869 (Rev. Dec. 2017)) — Tax Notes A Sub election for a Sub Subsidiary must be filed using Form 388 (See Rev. Pro. 2017-1, 2017-1). The Form 388 is a Form 938 that contains a separate statement, stating the basis of the qualified business property and the basis of the qualified financing, and a statement to the corporation saying that the Sub will need to be treated as a qualified entity (via Form 388). In addition to filing Form 388 with the IRS, a corporation may file Form 388 with the Secretary of State (See Rev. Pro. 2017-1, 2017-1). Taxpayers should consult with the responsible IRS authority regarding the amount of taxpayer's tax liability that is subject to the penalty. Taxpayers should consult with the responsible IRS authority regarding the amount of any penalties that may be due to the late Sub Election Relief.

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