Form 8752 North Carolina 2024-2025

Form 8752 North Carolina: What You Should Know

University of North Carolina Wilmington 601 South College Road DePaul Hall 2015 Section 7519, Section 7519 was enacted in 1997 to reduce the payment tax imposed by section 3121 by taxing any payment of compensation to which the corporation was entitled under that section on its taxable year beginning on October 1, 2018, or following taxable year beginning on September 30, 2019.  How is Section 7519 Calculated? The IRS requires that an individual or partnership file a Form 8752 if the individual or partnership made a section 444 election by filing Form 8716. Individuals or partnerships must also file Form 8716 with their federal income tax return. You must complete both Forms 8859 and 8959 to have your payments reported on Form 8613. You do not have to file Form 8716 but if you do, you can report the payment, which would apply to any taxable year starting on or after October 1, 2018, and ending on September 30, 2019, on Form 8859. Furthermore, you must file both a Form 8859 and a Form 8959 if you earned a taxable year beginning on or after October 1, 2018, and ending before December 31, 2019,  and you received a payment in any of those taxable years. It is important that you complete both Form 8859 and Form 8959. You may have to pay the filing fees if you have not filed a Form 8716, but you have already paid the required federal income tax, as shown on the Notice of Federal Tax Payment. You can obtain a receipt from the IRS for any Form 8859 you may be required to pay. Furthermore, you have 30 days to file Form 8859 and a Form 8959. However, you can only file a Form 8959 before the due date for the filing of your federal income tax return  and pay the fees if there are two years left in the year. Note: If you have more than one partnership, you should pay one Form 8859 and one Form 8959 with your Section 444 Election by the end date of the current tax year. Part of the Form 8859 will be shown as a Form 8959 because you are being issued one Form 8859 for both your entire partnership. If you have more than one individual, you should pay one Form 8859 and one Form 8959 with your Individual Tax Return by the end date of the current tax year.

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