8716 Form 2023-2024

8716 Form: What You Should Know

If an election is made to use a different tax year, the period in which section 4950 applies to those who elect the new taxpayer or owners of partnerships, S corporations, and sole proprietorship will not end unless the election is revoked. See section 4950(b)(2) for more detailed information. For partnerships, S corporations, and sole proprietorship under Code section 4950, to be treated as partners for purposes of section 4950 and for reporting purposes, the election must be made during the period of time described in section 4950(a)(3). In addition, the election must be made each calendar year for each partnership, S corporation, and sole proprietor's place of business (see below) (see Explanation: §14940(a)-(c), Election of Tax Year and Partnerships for more information). The period described in section 4950(a)(3) shall end each calendar year on  the last day of the tax year for which the election is made. This means that if a partnership, S corp., or sole proprietor applies for an extension (see explanation at end of this summary) from the California Franchise Tax Board (CFB) for the tax year for which its election is being made (for example, for the 2024 tax year), it must complete the extension application no later than September 15, 2017. Electing to Have a Tax Year Other than a Required Tax Year An election under section 444 shall be made on a written agreement between the partnership, S corporation, or sole proprietor and the Tax Commissioner, or any of his or her designees, in lieu of a certificate(s) (see discussion above). If one-half of the partnership, S corporation, or sole proprietor's partnership, S corporation, or sole proprietor has applied on Form 8835, Application to Change a Partnership, Shareholder, or Taxpayer's Name, Form 8944, Application to Change a Reporting Entity, or C.O.D. for a Tax Year Other Than Required, or Form 8951, Application to Change a Partnership, Shareholder, or Taxpayer's Name, for a Tax Year, and the other half of the partnership, S corporation, or sole proprietor has not made an election to file a Form 8835, Application to Change a Partnership, Shareholder, or Taxpayer's Name, Form 8944, Application to Change a Reporting Entity, or C.O.D.

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