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CP286 notice: what it means and what to do
Got an IRS CP286 notice? Here is what it means, your deadline, what to check before you answer, and how to reply. Check your own letter free: it stays on your phone.
Check my CP286 notice freeWhat the IRS says this notice is about
We approved your Form 8716, Election To Have a Tax Year Other Than a Required Tax Year PDF .
What you need to do
- File your annual business income tax returns ( Form 1065, U.S. Return of Partnership Income PDF or Form 1120-S, U.S. Corporation Income Tax Return PDF ) on time for the approved fiscal tax year.
- Include a copy of your approved Form 8716 with your Form 1065 or Form 1120-S for the first tax year after the election is made.
- File Form 8752, Required Payment or Refund Under Section 7519 PDF , annually by May 15.
- Make all Form 8752 payments on time.
Your deadline
Answer by the date printed on your notice. If there is no date, answer as soon as you can, and call the number on the notice if you need more time.
What to check before you answer
Is this letter really from the IRS?
The IRS writes first by mail. A real letter shows a notice or letter number, your name and part of your tax ID number. The IRS does not ask for payment by gift card, crypto or wire transfer. If in doubt, sign in to your IRS online account, where many notices are listed.
You may want to
- Keep this notice for your permanent records.
- Find where to file your Form 8752 .
- Review the instructions for Form 8752 PDF .
Common questions
What if I want to change back to a calendar year?
File a final Form 8752 to end your Internal Revenue Code (IRC) Section 444 election. We’ll refund any credit on your account. You’ll need to file a short period Form 1065 or Form 1120-S with your final Form 8752 ending December 31.
Do I need to file Form 8752 when I don’t owe?
Yes. You must file Form 8752 each year the Section 444 election is in effect, even if you don't owe.
If I'm no longer required to file a Form 1065 or Form 1120S, do I need to end my election?
Yes. You must send a final Form 1065 or Form 1120-S, along with a final Form 8752.
What happens if I don’t file Form 8752 or don’t pay when I file?
Failure to file or pay will end your fiscal year election.
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