IRS extends relief for late-entity classification elections

09/4/2009 | JournalofAccountancy.com

Check-the-box regulations generally allow noncorporate business entities to elect how to be treated for federal tax purposes -- as an association, partnership or, in certain cases, a disregarded entity. On Thursday, the Internal Revenue Service extended the due date for late-entity classification election relief to three years and 75 days after the requested effective date for the election. This gives eligible entities a much longer time to request relief from the IRS if they failed to properly file Form 8832 but have otherwise filed their tax returns consistent with the failed election.

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