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Fiscal Year End

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Form 8752 Due

Fiscal Year End S Corporations and Partnerships need to file form 8752<.

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The Pros & Cons of Using an S Corporation Structure

An especially popular tax or business structure among small businesses, the number of S Corporations has quadrupled in the past 15 years and by far is the most common form of doing business except for the unincorporated sole proprietorship. However, whether it is an appropriate choice for your new business depends on your particular facts and circumstances.

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What is a Form 8752 & Why Do I Need To File It?

"Form 8752 - Required Payment or Refund Under Section 7519" is certainly not the clearest form title.

Simply:

The IRS asks Fiscal Year, S Corporations, and Partnerships to file a Form 8752. The IRS then holds in an escrow-like account an estimate of you would have paid if you operated on a calendar year end. Essentially its like a security deposit that a landlord may require from a tenant.

However, since it is "in escrow" you receive a portion of the funds back if your profit decreases from year to year, and your receive the funds back in total if there is a tax loss or the business is dissolved. 

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