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A tax year for which a IRC § 444 election is in effect is referred to as an "applicable election year." The required payment is intended to represent the value of the tax deferral that the owners of the partnership or S corporation receive through the use of a tax year other than the required tax year.

The executor representing a decedent's estate or a fiduciary of a decedent's trust file this form to request a discharge from personal liability for the decedent's income, gift, and estate taxes.

The section 444 election will end if the partnership or S corporation is penalized for willfully failing to make the required payments. File Form 8716 with the Internal Revenue Service Center at the applicable address shown below.

IRS Form 720, the Quarterly Federal Excise Tax Return, is a tax form for businesses that sell goods or services subject to excise tax to report and pay those taxes. IRS Form 720 consists of three parts, as well as Schedule A, Schedule T and Schedule C sections and a payment voucher (called Form 720-V).

Changing your tax year Once you have adopted your tax year, you may have to get IRS approval to change it. To get approval, you must file Form 1128PDF. See the instructions for Form 1128PDF for exceptions. If you qualify for an automatic approval request, a user fee is not required.

Partnerships and S corporations use Form 8752 to figure and report the payment required under section 7519 or to obtain a refund of net prior year payments. Section 7519 payments are required of any partnership or S corporation that has elected under section 444 to have a tax year other than a required tax year.

The IRS asks Fiscal Year , S Corporation s, and Partnership s to file a Form 8752. The IRS then holds in an escrow-like account an estimate of you would have paid if you operated on a calendar year end. Essentially its like a security deposit that a landlord may require from a tenant.