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Form 4876-A online Tucson Arizona: What You Should Know
This election is irrevocable. However, the Corporation may file a Form 4876-A for its subsequent taxable year in lieu of filing a separate Form 4876-A. The corporation may elect to be treated as a DISC for its subsequent taxable year by filing a separate Form 4876-A for that taxable year with the IRS for filing purposes only. (ii) Termination of election before first year-end.  If an election under subsection (i) is terminated by an amendment or certification sent to the Secretary of the corporation, including the failure, during the year for which it was made, to furnish information or an explanation in accordance with the election, then the corporation has no later election under subsection (i) for that taxable year. A. The Election by a Corporation. A corporation may elect to be treated as a DISC for its first taxable year and file a Form 4876-A. The election is irrevocable and is retroactive to the due date of Form 4876-A filed for the tax year preceding the taxable year for which the election is made. An Election under this subsection applies to any taxable year beginning before, on, or after its first anniversary of the due date for the first Form 4876-A filed for the preceding taxable year for which it has an election under subsection (i) of this section. B. Election Period and Procedure for Submitting Election. This election is irrevocable for any taxable year in the calendar year for which it is filed. The corporation must file Form 4876-A within 30 days of the end of the corporation's return for the preceding taxable year for which the corporation has made an election under subsection (i). The corporation is not required to file Form 4876-A for a later taxable year due to its election. Failure to file Form 4876-A for a later taxable year or not to timely file Form 4876-A for a later taxable year does not prevent the corporation from making a second election under subsection (i) for any subsequent taxable year, and Form 4876-A is required. C. Effect of Failure to File Election. The failure to timely file Form 4876-A is treated as a failure to comply with the election to be treated as a DISC for the next taxable year. No penalty shall be imposed under section 6621 for the failure or any future tax. D. Notice and Hearing.
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