IRS eases late "check-the-box" election procedures.Rev REV Revolution REV Reverse REV Reverend REV Revision REV Review REV Revised REV Revelations (bible) REV Reversal REV Revolver (Beatles album) REV Reverendo . Proc. 2002-59 permits a newly formed entity an automatic extension to file a late initial entity-classification ("check-the-box") election up to the due date of the entity's first Federal return (excluding extensions). It modifies and supersedes Rev. Proc. 2002-15 by extending the time from six months to the Federal return's due date. Discussion For an entity seeking treatment as a disregarded dis·re·gard tr.v. dis·re·gard·ed, dis·re·gard·ing, dis·re·gards 1. To pay no attention or heed to; ignore. 2. To treat without proper respect or attentiveness. n. entity, the return due date is the due date of its sole owner's return for the tax year in which the entity was formed. An election under Rev. Proc. 2002-59 must be effective as of the entity's formation date. The procedure does not apply to a subsequent election to change classification. A newly formed entity may request relief under Rev. Proc. 2002-59 to file a late initial check-the-box election if: 1. It failed to obtain a classification as of the formation date, solely because it did not timely file Form 8832, Entity Classification Election, under Regs. Sec. 301.7701-3(c) (1); 2. The due date of the Federal return for the tax year beginning with the date of the entity's formation (excluding extensions) has not passed (regardless of whether the entity was actually required to file a return); and 3. It has reasonable cause for failing to make a timely initial election. If the entity meets the three requirements, it may file Form 8832 on or before the Federal return's due date (excluding extensions). It must file the form with the appropriate IRS An abbreviation for the Internal Revenue Service, a federal agency charged with the responsibility of administering and enforcing internal revenue laws. service center campus (as set forth in the form's instructions) and include the caption "FILED PURSUANT TO REV. PROC. 2002-59" Further, the entity must attach TO ATTACH, crim. law, practice. To an attachment for contempt for the non- take or apprehend by virtue of the order of a writ or precept, commonly called an attachment. It differs from an arrest in this, that he who arrests a man, takes him to a person of higher power to be disposed of; a reasonable-cause statement to the form, explaining the reason for failing to file a timely initial-classification election. On receipt of the request for relief, the IRS will notify the taxpayer as to whether it will grant an extension. Conclusion In replacing the letter ruling process under Regs. Sec. 301.9100-1 through -3, Rev. Proc. 2002-59 is intended to provide an easier method for eligible taxpayers to request relief for a late initial check-the-box election. Thus, there is no user fee for a taxpayer who meets the procedure's requirements. An entity not eligible for relief under Rev. Proc. 2002-59, or denied relief, may still request Regs. Sec. 301.9100 relief by requesting a letter ruling. FROM MARGARET Margaret, 1930–2002, British princess, second daughter of King George VI and sister of Queen Elizabeth II, b. Glamis, Scotland. In 1960 she married a commoner, the photographer Antony Armstrong-Jones, who was created earl of Snowdon in 1961. M. RICHARDSON Richardson, city (1990 pop. 74,840), Dallas and Collins counties, N Tex., a suburb of Dallas; founded in the 1850s, inc. as a city 1956. Richardson manufactures telecommunications equipment, medical devices, supercomputers, computer chips, and fiber optics. , WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. , DC |
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