What this notice is about
CP288 tells you we accepted your election or treatment as a Qualified Subchapter S Trust (QSST).
What you need to do
- File Form 1041, U.S. Income Tax Return for Estates and Trusts (PDF), timely.
- Include Schedule K-1 (Form 1065), Partner’s Share of Income, Deductions, Credits, etc (PDF), reflecting your ownership in the S corporation.
- Keep this notice for your records.
You may want to
- Visit the following sites for more information:
- S Corporations
- Form 1120S, 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 (PDF))
Frequently asked questions
How do I terminate the QSST election?
This election can only be terminated by permission of the Commissioner of Internal Revenue. See IR Bulletin 2012-1 (PDF) for instructions.