IRS Form 6847 Explained
What is IRS Form 6847?
IRS Form 6847 is a tax document used to report information about significant corporate events, such as mergers and acquisitions that affect business structure. This form is instrumental for businesses that have undergone changes that may impact their tax obligations or legal status. Both corporations and their shareholders may be required to utilize this form as part of their tax reporting duties.
Fill out IRS Form 6847 online
Get the latest version of the form and complete it in minutes.
Purpose of IRS Form 6847
The primary purpose of IRS Form 6847 is to ensure transparency about corporate actions that might affect tax responsibilities. This form is essential for complying with IRS regulations, allowing the agency to monitor substantial business events that could alter taxation. By accurately reporting these events, businesses help maintain compliance with tax laws and avoid potential penalties for non-disclosure.
Where is IRS Form 6847 used and by whom?
The usage of IRS Form 6847 often varies based on the legal structure of the entities involved and the nature of the changes being reported. Here are typical scenarios:
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1.Corporations undergoing mergers or consolidations must submit this form to notify the IRS of significant structural changes.
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2.Shareholders impacted by a corporate restructuring often need to reference Form 6847 for their reporting.
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3.Businesses that engage in stock acquisition or accounting changes will use this form to report the details surrounding these events.
These cases illustrate that both individuals and businesses may have to file this form, depending on their specific situation and roles in corporate changes.
Step-by-step: how to fill out IRS Form 6847
Completing IRS Form 6847 can seem daunting, but breaking it down into manageable sections can help. Here’s a straightforward guide:
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1.Section 1: Business Information - Enter the name, EIN, and address of the business.
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2.Section 2: Type of Event - Indicate the nature of the corporate event (e.g., merger, acquisition).
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3.Section 3: Date of Event - Provide the exact date the event took place.
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4.Section 4: Affected Parties - List any individuals or entities impacted by the event.
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5.Section 5: Additional Information - Include any relevant documentation or explanations.
To streamline the process, users can leverage pdfFiller, which allows easy editing, e-signing, and submission of Form 6847 online.
Who is required to complete IRS Form 6847?
IRS Form 6847 is required for specific parties involved in notable corporate changes. Generally, the following individuals and entities must submit this form:
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1.Corporations that experience significant changes such as mergers or restructurings.
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2.Business owners who may face tax implications as shareholders during these events.
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3.Entities that plan to amend their corporate charters due to significant business events.
Any of these groups are obligated to file this form to remain compliant with IRS regulations.
Information you need to complete IRS Form 6847
Before filling out IRS Form 6847, gathering specific information is vital. Here’s a comprehensive list of the data needed:
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1.Business name and Employer Identification Number (EIN).
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2.Mailing address of the business.
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3.Dates of the significant corporate events.
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4.Type of event (e.g., merger, acquisition, etc.).
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5.Details of affected parties, including their names and roles in the business.
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6.Any additional documentation or supporting information related to the event.
Having this information on hand will help streamline the process of filling out the form.
How to submit IRS Form 6847
Submitting IRS Form 6847 can be done in several ways. Here are the common channels for submission:
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1.Online Submission: Many users prefer to submit the form electronically through IRS e-services, provided they meet the necessary requirements.
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2.Mail Submission: You can print the completed form and mail it to the IRS at the address indicated for submissions on the form itself.
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3.Submission via Tax Professional: If working with a tax professional, they can manage the submission to ensure it meets all requirements.
Make note of important deadlines, as timely submission can help avoid penalties or interest due to late filing.
When to update or refile IRS Form 6847
Certain circumstances may require individuals or businesses to update or refile Form 6847. Key events include:
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1.Changes in the address of the business or its principal place of operations.
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2.Changes in the structure of the business that alter previously reported information.
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3.New shareholders or changes in ownership percentages that impact tax obligations.
Always stay vigilant about changes in your business structure to ensure that all filings remain accurate and up to date.
What happens if you don’t file IRS Form 6847?
Failing to file IRS Form 6847 correctly or on time can lead to significant legal and financial consequences. Here are the potential outcomes:
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1.Penalties: The IRS may impose fines or penalties for not complying with filing requirements.
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2.Increased Scrutiny: Non-filing or errors may attract increased attention from the IRS, potentially leading to audits.
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3.Delayed Processing: Issues related to corporate changes may linger, causing complications with future filings or tax obligations.
Ensuring timely and accurate filing avoids these complications and maintains compliance.
Fill out IRS Form 6847 online
Get the latest version of the form and complete it in minutes.
Frequently Asked Questions About the IRS Form 6847
What is IRS Form 6847 used for?
IRS Form 6847 is utilized by taxpayers who wish to revoke their consent to receive IRS notices electronically. By submitting this form, individuals can ensure that they receive their IRS communication in physical form. This is particularly important for those who prefer traditional mail or have concerns over the security of digital communications.
Who needs to file IRS Form 6847?
Individuals who initially consented to receive IRS notices electronically but have since decided to revert to paper notices must file IRS Form 6847. This form is relevant for taxpayers who may find digital notices less convenient or have issues accessing their electronic accounts. Ensuring that you use IRS Form 6847 will facilitate the transition back to receiving physical correspondence from the IRS.
How do I fill out IRS Form 6847?
Filling out IRS Form 6847 involves providing your personal information, including your name, address, and taxpayer identification number. The form is straightforward, but it's essential to ensure all information is accurate to avoid processing delays. After completing the form, you must sign and date it before submitting it to the IRS as per their submission guidelines.
What happens after I submit IRS Form 6847?
Once you submit IRS Form 6847, the IRS will process your revocation of electronic consent. You should expect to receive confirmation that your status has been updated to physical notifications shortly thereafter. It's advisable to check your mailing address with the IRS to ensure you receive all future correspondence without any issues.
Is there a deadline for submitting IRS Form 6847?
There is no specific deadline for submitting IRS Form 6847; however, it is best to submit the form as soon as you decide to revoke your electronic notice consent. Prompt submission ensures that you start receiving important tax information through regular mail without interruption. Stay aware of tax season, as any delays may affect how quickly you receive IRS communications.
Can I e-file IRS Form 6847?
Currently, IRS Form 6847 cannot be e-filed, as it is a paper form that must be mailed directly to the IRS. Ensure that you print, complete, and sign the form before mailing it to avoid any processing delays. Following the correct paper submission guidelines will facilitate a smooth transition back to receiving physical notices.
What should I do if I lose IRS Form 6847 after filing?
If you've lost your copy of IRS Form 6847 after submitting it, you can contact the IRS for confirmation of your filing. It's a good idea to keep a copy of any form you submit for your records. If necessary, you can also submit another Form 6847 if you suspect that your original request has not been processed.
How long does it take to process IRS Form 6847?
The processing time for IRS Form 6847 can vary but generally takes several weeks. Be sure to allow enough time for the IRS to update your preference for receiving paper notices. Patience is key, as the IRS has many submissions to handle during the tax season.
Can I use IRS Form 6847 for a joint tax return?
IRS Form 6847 can be used by both individuals on a joint return; however, each person must submit a separate Form 6847 if both wish to revoke their electronic notice consents. This ensures that both parties receive their relevant IRS communications in paper format, as required. Make sure each form is submitted correctly to avoid confusion.
Where can I find IRS Form 6847?
IRS Form 6847 is available on the official IRS website, where you can download and print the form for your use. Additionally, tax preparation services and various document management solutions can provide access to the form. Using a reliable source ensures that you have the most up-to-date version of IRS Form 6847.
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