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Federal input screens

Screen 8716 - Election to Have a Tax Year Other Than a Required Year (1065)

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Overview

note
Electronic Filing Note:
 You're required to file two copies of Form 8716. One copy of Form 8716 is attached to Form 1065 and the second copy is filed separately directly with the IRS. The copy filed with Form 1065 is included in the electronic file. The second copy isn't electronically filed and will need to be separately paper filed with the IRS.

Election Information

Ending date of the tax year for the entity's last filed return
Enter the ending date of the tax year for the entity's last filed return. If this election is for a new entity, enter the ending date of the tax year the new entity is adopting.
Ending date of the required tax year
If the entity doesn't file on a calendar-year basis, enter the ending date of the required tax year determined under IRC section 441(i), 706(b), or 1378. If you leave this field blank, the application automatically enters December 31st of the current year as the required tax year.
Purpose of election
Enter
A
 to adopt a tax year,
C
 to change a tax year, or
R
 to retain a tax year. This field is mandatory to calculate Form 8716.
Tax year resulting from election: Tax year beginning
If the election results in a short tax year, enter the date of the first tax year for which the election will be effective. If you leave this field blank, the application assumes that the tax period resulting from the election is a full 12 months and calculates the tax year beginning as 12 months prior to the date entered in
Tax year ending
. The application doesn't use this date on Form 8716, but does use this date to determine the due date in the filing instructions for Form 8716.
note
If Form 8716 isn't extended, the application calculates the due date for Form 8716 as the
earlier
 of the following:
  • The 15th day of the fifth month following the month of the tax year beginning, or
  • The due date (not including extensions) of the partnership tax return for the tax year resulting from the IRC section 444 election.
Backup section 444 election
Enter
X
 if the partnership is electing a backup IRC section 444 election. If you enter
X
, "Backup Election" prints at the top of Form 8716.
Form 8716 IRS Service Center
The application automatically determines the service center to which Form 8716 should be mailed based on the partnership address entered in the
1065
 screen. Enter information in this field only to override the calculated service center.
note
If you don't enter an address in the
1065
 screen or select a service center in this field, no address prints in the filing instructions.

Extension Information

Extension to file Form 8716 requested
Enter
X
 if the partnership is requesting an extension of time to make an election on Form 8716. "Filed Pursuant to Section 301.9100-2" prints on Form 8716.
note
The application also enters the due date in
Extended due date
. The application assumes that the extended due date of Form 8716 is 12 months from the original calculated due date.
Extended due date
The application calculates and enters an extended due date in this field when you mark
Extension to file Form 8716 requested
. The application uses this information to determine the due date in the filing instructions for Form 8716.
The extended due date of Form 8716 is 12 months from the original calculated due date. To change this date, enter a different date.

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