IRS 8879-S Explained
What is IRS 8879-S?
The IRS 8879-S is a tax form used primarily for e-signing an S corporation’s tax return. This form is crucial for allowing taxpayers to electronically file, ensuring that they maintain compliance with IRS requirements. It serves as an authorization document for the return preparer, confirming that the taxpayer has reviewed the return and consents to its filing.
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Purpose of IRS 8879-S
The primary purpose of IRS 8879-S is to facilitate the electronic submission of an S corporation's return, specifically Form 1120S. This form acts as a declaration of intent to file the return electronically and also adheres to IRS standards for e-filing. By confirming the taxpayer's review of their return, IRS 8879-S enhances accountability and reduces the likelihood of errors in electronically filed tax returns.
Where is IRS 8879-S used and by whom?
IRS 8879-S is used mainly by S corporations and their tax professionals. Here are some typical use cases:
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1.S Corporations: Corporations electing to be taxed under subchapter S of the IRS code need this form to authorize the electronic filing of their returns.
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2.Tax Preparers: Certified tax preparers use this form to obtain permission from their client to submit the tax return electronically.
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3.Business Owners: Individuals responsible for filing on behalf of an S corporation who wish to e-file their returns.
Step-by-step: how to fill out IRS 8879-S
Filling out IRS 8879-S involves several steps. Below is a practical guide to complete it section-by-section:
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1.Start with the preparer's information: Enter the name, address, and identification number of the return preparer.
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2.Fill in the taxpayer information: Include the name and address of the S corporation along with its employer identification number (EIN).
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3.Review the return: Ensure rights by confirming that you have reviewed the S corporation's tax return adequately. This is crucial as it asserts that the provided information is accurate.
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4.Sign and date: The authorized individual must sign and date the form to indicate authorization for electronic filing.
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Who is required to complete IRS 8879-S?
The obligation to complete IRS 8879-S falls mainly on S corporations that choose to file their tax returns electronically. If your business operates as an S corporation and has a filing requirement, this form becomes necessary for ensuring compliance. Additionally, tax preparers working on behalf of these corporations are responsible for obtaining and filing this document.
Information you need to complete IRS 8879-S
Here’s a detailed list of the information needed to fill out IRS 8879-S:
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1.Name and address of the S corporation
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2.Employer Identification Number (EIN)
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3.Name and signature of the person authorized to sign the form
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4.Name and address of the return preparer
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5.Preparer’s identification number
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6.Signature and date of the taxpayer or authorized representative
How to submit IRS 8879-S
There are several channels for submitting IRS 8879-S, typically aligned with how you file your tax return:
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1.Online: If filing electronically, the form should be transmitted securely along with the e-filed return through authorized e-filing software.
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2.Mail: While electronic filing is preferred, if you opt to file the return via mail, you need to keep the form for your records, but it isn't submitted directly to the IRS.
Be sure to adhere to any deadlines associated with your corporate tax return to avoid penalties.
When to update or refile IRS 8879-S
There are specific scenarios that necessitate updating or refiling IRS 8879-S:
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1.Change of Authorized Signatory: If there’s a change in the person authorized to sign the return, a new IRS 8879-S needs to be filed.
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2.Change in Business Address: Updates in business information such as address might require an updated form.
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3.Substantial Changes in Financial Situation: If significant financial changes are made after the original submission, consider reviewing the form to ensure its validity.
What happens if you don’t file IRS 8879-S?
Failing to submit IRS 8879-S can result in several consequences:
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1.Penalties: The IRS can impose fines if the S corporation does not comply with the electronic filing requirements.
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2.Delays in Refund: Without this form, there may be delays in processing any tax refunds due.
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3.Increased Scrutiny: Inaccuracies or missing documentation can lead to additional inquiries from the IRS, increasing the tax preparer's workload and possibly leading to audits.
It’s crucial to file IRS 8879-S properly to avoid these legal and financial implications.
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Frequently Asked Questions About the IRS 8879-S
What is the IRS 8879-S form?
The IRS 8879-S form is an electronic signature document used for approving the e-filing of an S Corporation tax return. This form allows for secure electronic submission, ensuring that all signatures are valid and accountable. By using the IRS 8879-S, S Corporations can streamline their filing process and reduce the risk of errors associated with traditional paper submissions.
Who needs to use the IRS 8879-S form?
The IRS 8879-S form must be used by shareholders of S Corporations who wish to e-file their tax returns. Each shareholder whose signature is required for approval needs to complete this form to ensure their consent is officially documented. This helps the IRS confirm that the tax returns submitted have indeed been authorized by all necessary parties.
How do you fill out the IRS 8879-S form?
To fill out the IRS 8879-S form, start by entering the relevant information about your S Corporation, including the Employer Identification Number (EIN) and the taxable year. Next, ensure that all shareholders review and sign the document to validate their consent for e-filing. Proper completion of the IRS 8879-S is crucial for a smooth and legitimate e-filing process.
What happens if I don't submit the IRS 8879-S form?
Failing to submit the IRS 8879-S form can lead to delays in processing your S Corporation's tax return, as the IRS requires this signed document to confirm consent for electronic filing. Without it, your e-filing could be rejected or considered invalid, forcing a return to paper filing processes. Therefore, it is essential to ensure that all necessary parties sign and submit the IRS 8879-S on time.
Can the IRS 8879-S form be signed electronically?
Yes, the IRS 8879-S form can be signed electronically, which streamlines the approval process for S Corporations. Once the form is completed, shareholders can utilize secure digital signing methods to provide their signatures. This electronic approach not only saves time but also enhances the security and efficiency of the filing process.
Where can I find the IRS 8879-S form?
The IRS 8879-S form can be found on the official IRS website or through reliable tax preparation software. You can download the form directly, allowing you to fill it out digitally or print it for signatures. Make sure to always access the latest version of the IRS 8879-S to ensure compliance with current regulations.
Is there a deadline for submitting the IRS 8879-S form?
Yes, the IRS 8879-S form must be submitted by the deadline for your S Corporation tax return, which is typically March 15 for most S Corporations. It's important to ensure that the form is signed and submitted in conjunction with your tax return to avoid any potential issues with the IRS. Late submission may result in penalties or complications in your filing status.
What is the significance of the IRS 8879-S for S Corporation shareholders?
The IRS 8879-S form is significant for S Corporation shareholders as it serves as their official consent for e-filing, ensuring that all parties are in agreement regarding the tax return submission. This form helps protect shareholders by documenting their authorization, thus preventing any future disputes. Without the IRS 8879-S, the credibility of the tax return could be called into question.
How can pdfFiller assist with the IRS 8879-S form?
pdfFiller provides a user-friendly platform that makes it easier to complete, sign, and manage the IRS 8879-S form. With features like electronic signatures and cloud storage, users can ensure secure and efficient filing. Additionally, pdfFiller streamlines collaboration among shareholders, allowing for a smooth approval process for the IRS 8879-S.
Are there common mistakes to avoid when completing the IRS 8879-S?
When completing the IRS 8879-S form, common mistakes include missing signatures from shareholders or incorrect entries regarding the S Corporation's information such as the EIN. Additionally, failing to retain a copy of the signed form can lead to complications if the IRS requests documentation. To avoid these issues, double-check all entries and ensure that every necessary signature is obtained before submission.
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