Series 22: 2.1.1. Tax Elections

Taken from our Series 22 Top-off Online Guide

2.1.1.  Tax Elections

A tax election is a choice the IRS allows a business entity to select how it will report its taxes. Three important elections from the standpoint of a DPP are entity classification, tax year, and accounting method. These elections must be made with the entity’s first filing of its income tax returns.

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