Understanding Your CP286 Notice


What this notice is about

We approved your Form 8716, Election To Have a Tax Year Other Than a Required Tax Year.

What you need to do

You may want to

Frequently asked questions

File a final Form 8752, which will terminate your Internal Revenue Code (IRC) Section 444 election. If you have a credit on your account, file a final Form 8752 for us to refund the payments to you. You must also file a short period business income tax return (Form 1065 or Form 1120S) with your final Form 8752 ending December 31.

Yes. You must file Form 8752 each year the Section 444 election is in effect, even if you don't need to make a payment.

Yes. You must send a final Form 1065 or Form 1120S, along with a final Form 8752.

Failure to file or failure to pay will result in the termination of your fiscal year election.

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