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Can i efile my 2010 taxes now Publication 538 - Main Content Table of Contents Accounting PeriodsCalendar Year Fiscal Year Short Tax Year Improper Tax Year Change in Tax Year Individuals Partnerships, S Corporations, and Personal Service Corporations (PSCs) Corporations (Other Than S Corporations and PSCs) Accounting MethodsSpecial methods. Can i efile my 2010 taxes now Hybrid method. Can i efile my 2010 taxes now Cash Method Accrual Method Inventories Change in Accounting Method How To Get Tax HelpLow Income Taxpayer Clinics (LITCs). Can i efile my 2010 taxes now Accounting Periods You must use a tax year to figure your taxable income. Can i efile my 2010 taxes now A tax year is an annual accounting period for keeping records and reporting income and expenses. Can i efile my 2010 taxes now An annual accounting period does not include a short tax year (discussed later). Can i efile my 2010 taxes now You can use the following tax years: A calendar year; or A fiscal year (including a 52-53-week tax year). Can i efile my 2010 taxes now Unless you have a required tax year, you adopt a tax year by filing your first income tax return using that tax year. Can i efile my 2010 taxes now A required tax year is a tax year required under the Internal Revenue Code or the Income Tax Regulations. Can i efile my 2010 taxes now You cannot adopt a tax year by merely: Filing an application for an extension of time to file an income tax return; Filing an application for an employer identification number (Form SS-4); or Paying estimated taxes. Can i efile my 2010 taxes now This section discusses: A calendar year. Can i efile my 2010 taxes now A fiscal year (including a period of 52 or 53 weeks). Can i efile my 2010 taxes now A short tax year. Can i efile my 2010 taxes now An improper tax year. Can i efile my 2010 taxes now A change in tax year. Can i efile my 2010 taxes now Special situations that apply to individuals. Can i efile my 2010 taxes now Restrictions that apply to the accounting period of a partnership, S corporation, or personal service corporation. Can i efile my 2010 taxes now Special situations that apply to corporations. Can i efile my 2010 taxes now Calendar Year A calendar year is 12 consecutive months beginning on January 1st and ending on December 31st. Can i efile my 2010 taxes now If you adopt the calendar year, you must maintain your books and records and report your income and expenses from January 1st through December 31st of each year. Can i efile my 2010 taxes now If you file your first tax return using the calendar tax year and you later begin business as a sole proprietor, become a partner in a partnership, or become a shareholder in an S corporation, you must continue to use the calendar year unless you obtain approval from the IRS to change it, or are otherwise allowed to change it without IRS approval. Can i efile my 2010 taxes now See Change in Tax Year, later. Can i efile my 2010 taxes now Generally, anyone can adopt the calendar year. Can i efile my 2010 taxes now However, you must adopt the calendar year if: You keep no books or records; You have no annual accounting period; Your present tax year does not qualify as a fiscal year; or You are required to use a calendar year by a provision in the Internal Revenue Code or the Income Tax Regulations. Can i efile my 2010 taxes now Fiscal Year A fiscal year is 12 consecutive months ending on the last day of any month except December 31st. Can i efile my 2010 taxes now If you are allowed to adopt a fiscal year, you must consistently maintain your books and records and report your income and expenses using the time period adopted. Can i efile my 2010 taxes now 52-53-Week Tax Year You can elect to use a 52-53-week tax year if you keep your books and records and report your income and expenses on that basis. Can i efile my 2010 taxes now If you make this election, your 52-53-week tax year must always end on the same day of the week. Can i efile my 2010 taxes now Your 52-53-week tax year must always end on: Whatever date this same day of the week last occurs in a calendar month, or Whatever date this same day of the week falls that is nearest to the last day of the calendar month. Can i efile my 2010 taxes now For example, if you elect a tax year that always ends on the last Monday in March, your 2012 tax year will end on March 25, 2013. Can i efile my 2010 taxes now Election. Can i efile my 2010 taxes now   To make the election for the 52-53-week tax year, attach a statement with the following information to your tax return. Can i efile my 2010 taxes now The month in which the new 52-53-week tax year ends. Can i efile my 2010 taxes now The day of the week on which the tax year always ends. Can i efile my 2010 taxes now The date the tax year ends. Can i efile my 2010 taxes now It can be either of the following dates on which the chosen day: Last occurs in the month in (1), above, or Occurs nearest to the last day of the month in (1), above. Can i efile my 2010 taxes now   When you figure depreciation or amortization, a 52-53-week tax year is generally considered a year of 12 calendar months. Can i efile my 2010 taxes now   To determine an effective date (or apply provisions of any law) expressed in terms of tax years beginning, including, or ending on the first or last day of a specified calendar month, a 52-53-week tax year is considered to: Begin on the first day of the calendar month beginning nearest to the first day of the 52-53-week tax year, and End on the last day of the calendar month ending nearest to the last day of the 52-53-week tax year. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now Assume a tax provision applies to tax years beginning on or after July 1, 2012, which happens to be a Sunday. Can i efile my 2010 taxes now For this purpose, a 52-53-week tax year that begins on the last Tuesday of June, which falls on June 26, 2012, is treated as beginning on July 1, 2012. Can i efile my 2010 taxes now Short Tax Year A short tax year is a tax year of less than 12 months. Can i efile my 2010 taxes now A short period tax return may be required when you (as a taxable entity): Are not in existence for an entire tax year, or Change your accounting period. Can i efile my 2010 taxes now Tax on a short period tax return is figured differently for each situation. Can i efile my 2010 taxes now Not in Existence Entire Year Even if a taxable entity was not in existence for the entire year, a tax return is required for the time it was in existence. Can i efile my 2010 taxes now Requirements for filing the return and figuring the tax are generally the same as the requirements for a return for a full tax year (12 months) ending on the last day of the short tax year. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now XYZ Corporation was organized on July 1, 2012. Can i efile my 2010 taxes now It elected the calendar year as its tax year. Can i efile my 2010 taxes now Therefore, its first tax return was due March 15, 2013. Can i efile my 2010 taxes now This short period return will cover the period from July 1, 2012, through December 31, 2012. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now A calendar year corporation dissolved on July 23, 2012. Can i efile my 2010 taxes now Its final return is due by October 15, 2012. Can i efile my 2010 taxes now It will cover the short period from January 1, 2012, through July 23, 2012. Can i efile my 2010 taxes now Death of individual. Can i efile my 2010 taxes now   When an individual dies, a tax return must be filed for the decedent by the 15th day of the 4th month after the close of the individual's regular tax year. Can i efile my 2010 taxes now The decedent's final return will be a short period tax return that begins on January 1st, and ends on the date of death. Can i efile my 2010 taxes now In the case of a decedent who dies on December 31st, the last day of the regular tax year, a full calendar-year tax return is required. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now   Agnes Green was a single, calendar year taxpayer. Can i efile my 2010 taxes now She died on March 6, 2012. Can i efile my 2010 taxes now Her final income tax return must be filed by April 15, 2013. Can i efile my 2010 taxes now It will cover the short period from January 1, 2012, to March 6, 2012. Can i efile my 2010 taxes now Figuring Tax for Short Year If the IRS approves a change in your tax year or you are required to change your tax year, you must figure the tax and file your return for the short tax period. Can i efile my 2010 taxes now The short tax period begins on the first day after the close of your old tax year and ends on the day before the first day of your new tax year. Can i efile my 2010 taxes now Figure tax for a short year under the general rule, explained below. Can i efile my 2010 taxes now You may then be able to use a relief procedure, explained later, and claim a refund of part of the tax you paid. Can i efile my 2010 taxes now General rule. Can i efile my 2010 taxes now   Income tax for a short tax year must be annualized. Can i efile my 2010 taxes now However, self-employment tax is figured on the actual self-employment income for the short period. Can i efile my 2010 taxes now Individuals. Can i efile my 2010 taxes now   An individual must figure income tax for the short tax year as follows. Can i efile my 2010 taxes now Determine your adjusted gross income (AGI) for the short tax year and then subtract your actual itemized deductions for the short tax year. Can i efile my 2010 taxes now You must itemize deductions when you file a short period tax return. Can i efile my 2010 taxes now Multiply the dollar amount of your exemptions by the number of months in the short tax year and divide the result by 12. Can i efile my 2010 taxes now Subtract the amount in (2) from the amount in (1). Can i efile my 2010 taxes now The result is your modified taxable income. Can i efile my 2010 taxes now Multiply the modified taxable income in (3) by 12, then divide the result by the number of months in the short tax year. Can i efile my 2010 taxes now The result is your annualized income. Can i efile my 2010 taxes now Figure the total tax on your annualized income using the appropriate tax rate schedule. Can i efile my 2010 taxes now Multiply the total tax by the number of months in the short tax year and divide the result by 12. Can i efile my 2010 taxes now The result is your tax for the short tax year. Can i efile my 2010 taxes now Relief procedure. Can i efile my 2010 taxes now   Individuals and corporations can use a relief procedure to figure the tax for the short tax year. Can i efile my 2010 taxes now It may result in less tax. Can i efile my 2010 taxes now Under this procedure, the tax is figured by two separate methods. Can i efile my 2010 taxes now If the tax figured under both methods is less than the tax figured under the general rule, you can file a claim for a refund of part of the tax you paid. Can i efile my 2010 taxes now For more information, see section 443(b)(2) of the Internal Revenue Code. Can i efile my 2010 taxes now Alternative minimum tax. Can i efile my 2010 taxes now   To figure the alternative minimum tax (AMT) due for a short tax year: Figure the annualized alternative minimum taxable income (AMTI) for the short tax period by completing the following steps. Can i efile my 2010 taxes now Multiply the AMTI by 12. Can i efile my 2010 taxes now Divide the result by the number of months in the short tax year. Can i efile my 2010 taxes now Multiply the annualized AMTI by the appropriate rate of tax under section 55(b)(1) of the Internal Revenue Code. Can i efile my 2010 taxes now The result is the annualized AMT. Can i efile my 2010 taxes now Multiply the annualized AMT by the number of months in the short tax year and divide the result by 12. Can i efile my 2010 taxes now   For information on the AMT for individuals, see the Instructions for Form 6251, Alternative Minimum Tax–Individuals. Can i efile my 2010 taxes now For information on the AMT for corporations, see the Instructions to Form 4626, Alternative Minimum Tax–Corporations. Can i efile my 2010 taxes now Tax withheld from wages. Can i efile my 2010 taxes now   You can claim a credit against your income tax liability for federal income tax withheld from your wages. Can i efile my 2010 taxes now Federal income tax is withheld on a calendar year basis. Can i efile my 2010 taxes now The amount withheld in any calendar year is allowed as a credit for the tax year beginning in the calendar year. Can i efile my 2010 taxes now Improper Tax Year Taxpayers that have adopted an improper tax year must change to a proper tax year. Can i efile my 2010 taxes now For example, if a taxpayer began business on March 15 and adopted a tax year ending on March 14 (a period of exactly 12 months), this would be an improper tax year. Can i efile my 2010 taxes now See Accounting Periods, earlier, for a description of permissible tax years. Can i efile my 2010 taxes now To change to a proper tax year, you must do one of the following. Can i efile my 2010 taxes now If you are requesting a change to a calendar tax year, file an amended income tax return based on a calendar tax year that corrects the most recently filed tax return that was filed on the basis of an improper tax year. Can i efile my 2010 taxes now Attach a completed Form 1128 to the amended tax return. Can i efile my 2010 taxes now Write “FILED UNDER REV. Can i efile my 2010 taxes now PROC. Can i efile my 2010 taxes now 85-15” at the top of Form 1128 and file the forms with the Internal Revenue Service Center where you filed your original return. Can i efile my 2010 taxes now If you are requesting a change to a fiscal tax year, file Form 1128 in accordance with the form instructions to request IRS approval for the change. Can i efile my 2010 taxes now Change in Tax Year Generally, you must file Form 1128 to request IRS approval to change your tax year. Can i efile my 2010 taxes now See the Instructions for Form 1128 for exceptions. Can i efile my 2010 taxes now If you qualify for an automatic approval request, a user fee is not required. Can i efile my 2010 taxes now Individuals Generally, individuals must adopt the calendar year as their tax year. Can i efile my 2010 taxes now An individual can adopt a fiscal year provided that the individual maintains his or her books and records on the basis of the adopted fiscal year. Can i efile my 2010 taxes now Partnerships, S Corporations, and Personal Service Corporations (PSCs) Generally, partnerships, S corporations (including electing S corporations), and PSCs must use a required tax year. Can i efile my 2010 taxes now A required tax year is a tax year that is required under the Internal Revenue Code and Income Tax Regulations. Can i efile my 2010 taxes now The entity does not have to use the required tax year if it receives IRS approval to use another permitted tax year or makes an election under section 444 of the Internal Revenue Code (discussed later). Can i efile my 2010 taxes now The following discussions provide the rules for partnerships, S corporations, and PSCs. Can i efile my 2010 taxes now Partnership A partnership must conform its tax year to its partners' tax years unless any of the following apply. Can i efile my 2010 taxes now The partnership makes an election under section 444 of the Internal Revenue Code to have a tax year other than a required tax year by filing Form 8716. Can i efile my 2010 taxes now The partnership elects to use a 52-53-week tax year that ends with reference to either its required tax year or a tax year elected under section 444. Can i efile my 2010 taxes now The partnership can establish a business purpose for a different tax year. Can i efile my 2010 taxes now The rules for the required tax year for partnerships are as follows. Can i efile my 2010 taxes now If one or more partners having the same tax year own a majority interest (more than 50%) in partnership profits and capital, the partnership must use the tax year of those partners. Can i efile my 2010 taxes now If there is no majority interest tax year, the partnership must use the tax year of all its principal partners. Can i efile my 2010 taxes now A principal partner is one who has a 5% or more interest in the profits or capital of the partnership. Can i efile my 2010 taxes now If there is no majority interest tax year and the principal partners do not have the same tax year, the partnership generally must use a tax year that results in the least aggregate deferral of income to the partners. Can i efile my 2010 taxes now If a partnership changes to a required tax year because of these rules, it can get automatic approval by filing Form 1128. Can i efile my 2010 taxes now Least aggregate deferral of income. Can i efile my 2010 taxes now   The tax year that results in the least aggregate deferral of income is determined as follows. Can i efile my 2010 taxes now Figure the number of months of deferral for each partner using one partner's tax year. Can i efile my 2010 taxes now Find the months of deferral by counting the months from the end of that tax year forward to the end of each other partner's tax year. Can i efile my 2010 taxes now Multiply each partner's months of deferral figured in step (1) by that partner's share of interest in the partnership profits for the year used in step (1). Can i efile my 2010 taxes now Add the amounts in step (2) to get the aggregate (total) deferral for the tax year used in step (1). Can i efile my 2010 taxes now Repeat steps (1) through (3) for each partner's tax year that is different from the other partners' years. Can i efile my 2010 taxes now   The partner's tax year that results in the lowest aggregate (total) number is the tax year that must be used by the partnership. Can i efile my 2010 taxes now If the calculation results in more than one tax year qualifying as the tax year with the least aggregate deferral, the partnership can choose any one of those tax years as its tax year. Can i efile my 2010 taxes now However, if one of the tax years that qualifies is the partnership's existing tax year, the partnership must retain that tax year. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now A and B each have a 50% interest in partnership P, which uses a fiscal year ending June 30. Can i efile my 2010 taxes now A uses the calendar year and B uses a fiscal year ending November 30. Can i efile my 2010 taxes now P must change its tax year to a fiscal year ending November 30 because this results in the least aggregate deferral of income to the partners, as shown in the following table. Can i efile my 2010 taxes now Year End 12/31: Year End Profits Interest Months of Deferral Interest × Deferral A 12/31 0. Can i efile my 2010 taxes now 5 -0- -0- B 11/30 0. Can i efile my 2010 taxes now 5 11 5. Can i efile my 2010 taxes now 5 Total Deferral 5. Can i efile my 2010 taxes now 5 Year End 11/30: Year End Profits Interest Months of Deferral Interest × Deferral A 12/31 0. Can i efile my 2010 taxes now 5 1 0. Can i efile my 2010 taxes now 5 B 11/30 0. Can i efile my 2010 taxes now 5 -0- -0- Total Deferral 0. Can i efile my 2010 taxes now 5 When determination is made. Can i efile my 2010 taxes now   The determination of the tax year under the least aggregate deferral rules must generally be made at the beginning of the partnership's current tax year. Can i efile my 2010 taxes now However, the IRS can require the partnership to use another day or period that will more accurately reflect the ownership of the partnership. Can i efile my 2010 taxes now This could occur, for example, if a partnership interest was transferred for the purpose of qualifying for a particular tax year. Can i efile my 2010 taxes now Short period return. Can i efile my 2010 taxes now   When a partnership changes its tax year, a short period return must be filed. Can i efile my 2010 taxes now The short period return covers the months between the end of the partnership's prior tax year and the beginning of its new tax year. Can i efile my 2010 taxes now   If a partnership changes to the tax year resulting in the least aggregate deferral, it must file a Form 1128 with the short period return showing the computations used to determine that tax year. Can i efile my 2010 taxes now The short period return must indicate at the top of page 1, “FILED UNDER SECTION 1. Can i efile my 2010 taxes now 706-1. Can i efile my 2010 taxes now ” More information. Can i efile my 2010 taxes now   For more information about changing a partnership's tax year, and information about ruling requests, see the Instructions for Form 1128. Can i efile my 2010 taxes now S Corporation All S corporations, regardless of when they became an S corporation, must use a permitted tax year. Can i efile my 2010 taxes now A permitted tax year is any of the following. Can i efile my 2010 taxes now The calendar year. Can i efile my 2010 taxes now A tax year elected under section 444 of the Internal Revenue Code. Can i efile my 2010 taxes now See Section 444 Election, below for details. Can i efile my 2010 taxes now A 52-53-week tax year ending with reference to the calendar year or a tax year elected under section 444. Can i efile my 2010 taxes now Any other tax year for which the corporation establishes a business purpose. Can i efile my 2010 taxes now If an electing S corporation wishes to adopt a tax year other than a calendar year, it must request IRS approval using Form 2553, instead of filing Form 1128. Can i efile my 2010 taxes now For information about changing an S corporation's tax year and information about ruling requests, see the Instructions for Form 1128. Can i efile my 2010 taxes now Personal Service Corporation (PSC) A PSC must use a calendar tax year unless any of the following apply. Can i efile my 2010 taxes now The corporation makes an election under section 444 of the Internal Revenue Code. Can i efile my 2010 taxes now See Section 444 Election, below for details. Can i efile my 2010 taxes now The corporation elects to use a 52-53-week tax year ending with reference to the calendar year or a tax year elected under section 444. Can i efile my 2010 taxes now The corporation establishes a business purpose for a fiscal year. Can i efile my 2010 taxes now See the Instructions for Form 1120 for general information about PSCs. Can i efile my 2010 taxes now For information on adopting or changing tax years for PSCs and information about ruling requests, see the Instructions for Form 1128. Can i efile my 2010 taxes now Section 444 Election A partnership, S corporation, electing S corporation, or PSC can elect under section 444 of the Internal Revenue Code to use a tax year other than its required tax year. Can i efile my 2010 taxes now Certain restrictions apply to the election. Can i efile my 2010 taxes now A partnership or an S corporation that makes a section 444 election must make certain required payments and a PSC must make certain distributions (discussed later). Can i efile my 2010 taxes now The section 444 election does not apply to any partnership, S corporation, or PSC that establishes a business purpose for a different period, explained later. Can i efile my 2010 taxes now A partnership, S corporation, or PSC can make a section 444 election if it meets all the following requirements. Can i efile my 2010 taxes now It is not a member of a tiered structure (defined in section 1. Can i efile my 2010 taxes now 444-2T of the regulations). Can i efile my 2010 taxes now It has not previously had a section 444 election in effect. Can i efile my 2010 taxes now It elects a year that meets the deferral period requirement. Can i efile my 2010 taxes now Deferral period. Can i efile my 2010 taxes now   The determination of the deferral period depends on whether the partnership, S corporation, or PSC is retaining its tax year or adopting or changing its tax year with a section 444 election. Can i efile my 2010 taxes now Retaining tax year. Can i efile my 2010 taxes now   Generally, a partnership, S corporation, or PSC can make a section 444 election to retain its tax year only if the deferral period of the new tax year is 3 months or less. Can i efile my 2010 taxes now This deferral period is the number of months between the beginning of the retained year and the close of the first required tax year. Can i efile my 2010 taxes now Adopting or changing tax year. Can i efile my 2010 taxes now   If the partnership, S corporation, or PSC is adopting or changing to a tax year other than its required year, the deferral period is the number of months from the end of the new tax year to the end of the required tax year. Can i efile my 2010 taxes now The IRS will allow a section 444 election only if the deferral period of the new tax year is less than the shorter of: Three months, or The deferral period of the tax year being changed. Can i efile my 2010 taxes now This is the tax year immediately preceding the year for which the partnership, S corporation, or PSC wishes to make the section 444 election. Can i efile my 2010 taxes now If the partnership, S corporation, or PSC's tax year is the same as its required tax year, the deferral period is zero. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now BD Partnership uses a calendar year, which is also its required tax year. Can i efile my 2010 taxes now BD cannot make a section 444 election because the deferral period is zero. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now E, a newly formed partnership, began operations on December 1. Can i efile my 2010 taxes now E is owned by calendar year partners. Can i efile my 2010 taxes now E wants to make a section 444 election to adopt a September 30 tax year. Can i efile my 2010 taxes now E's deferral period for the tax year beginning December 1 is 3 months, the number of months between September 30 and December 31. Can i efile my 2010 taxes now Making the election. Can i efile my 2010 taxes now   Make a section 444 election by filing Form 8716 with the Internal Revenue Service Center where the entity will file its tax return. Can i efile my 2010 taxes now Form 8716 must be filed by the earlier of: The due date (not including extensions) of the income tax return for the tax year resulting from the section 444 election, or The 15th day of the 6th month of the tax year for which the election will be effective. Can i efile my 2010 taxes now For this purpose, count the month in which the tax year begins, even if it begins after the first day of that month. Can i efile my 2010 taxes now Note. Can i efile my 2010 taxes now If the due date falls on a Saturday, Sunday, or legal holiday, file on the next business day. Can i efile my 2010 taxes now   Attach a copy of Form 8716 to Form 1065, Form 1120S, or Form 1120 for the first tax year for which the election is made. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now AB, a partnership, begins operations on September 13, 2012, and is qualified to make a section 444 election to use a September 30 tax year for its tax year beginning September 13, 2012. Can i efile my 2010 taxes now AB must file Form 8716 by January 15, 2013, which is the due date of the partnership's tax return for the period from September 13, 2012, to September 30, 2012. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now The facts are the same as in Example 1 except that AB begins operations on October 21, 2012. Can i efile my 2010 taxes now AB must file Form 8716 by March 17, 2013. Can i efile my 2010 taxes now Example 3. Can i efile my 2010 taxes now B is a corporation that first becomes a PSC for its tax year beginning September 1, 2012. Can i efile my 2010 taxes now B qualifies to make a section 444 election to use a September 30 tax year for its tax year beginning September 1, 2012. Can i efile my 2010 taxes now B must file Form 8716 by December 17, 2012, the due date of the income tax return for the short period from September 1, 2012, to September 30, 2012. Can i efile my 2010 taxes now Note. Can i efile my 2010 taxes now The due dates in Examples 2 and 3 are adjusted because the dates fall on a Saturday, Sunday or legal holiday. Can i efile my 2010 taxes now Extension of time for filing. Can i efile my 2010 taxes now   There is an automatic extension of 12 months to make this election. Can i efile my 2010 taxes now See the Form 8716 instructions for more information. Can i efile my 2010 taxes now Terminating the election. Can i efile my 2010 taxes now   The section 444 election remains in effect until it is terminated. Can i efile my 2010 taxes now If the election is terminated, another section 444 election cannot be made for any tax year. Can i efile my 2010 taxes now   The election ends when any of the following applies to the partnership, S corporation, or PSC. Can i efile my 2010 taxes now The entity changes to its required tax year. Can i efile my 2010 taxes now The entity liquidates. Can i efile my 2010 taxes now The entity becomes a member of a tiered structure. Can i efile my 2010 taxes now The IRS determines that the entity willfully failed to comply with the required payments or distributions. Can i efile my 2010 taxes now   The election will also end if either of the following events occur. Can i efile my 2010 taxes now An S corporation's S election is terminated. Can i efile my 2010 taxes now However, if the S corporation immediately becomes a PSC, the PSC can continue the section 444 election of the S corporation. Can i efile my 2010 taxes now A PSC ceases to be a PSC. Can i efile my 2010 taxes now If the PSC elects to be an S corporation, the S corporation can continue the election of the PSC. Can i efile my 2010 taxes now Required payment for partnership or S corporation. Can i efile my 2010 taxes now   A partnership or an S corporation must make a required payment for any tax year: The section 444 election is in effect. Can i efile my 2010 taxes now The required payment for that year (or any preceding tax year) is more than $500. Can i efile my 2010 taxes now    This payment represents the value of the tax deferral the owners receive by using a tax year different from the required tax year. Can i efile my 2010 taxes now   Form 8752, Required Payment or Refund Under Section 7519, must be filed each year the section 444 election is in effect, even if no payment is due. Can i efile my 2010 taxes now If the required payment is more than $500 (or the required payment for any prior year was more than $500), the payment must be made when Form 8752 is filed. Can i efile my 2010 taxes now If the required payment is $500 or less and no payment was required in a prior year, Form 8752 must be filed showing a zero amount. Can i efile my 2010 taxes now Applicable election year. Can i efile my 2010 taxes now   Any tax year a section 444 election is in effect, including the first year, is called an applicable election year. Can i efile my 2010 taxes now Form 8752 must be filed and the required payment made (or zero amount reported) by May 15th of the calendar year following the calendar year in which the applicable election year begins. Can i efile my 2010 taxes now Required distribution for PSC. Can i efile my 2010 taxes now   A PSC with a section 444 election in effect must distribute certain amounts to employee-owners by December 31 of each applicable year. Can i efile my 2010 taxes now If it fails to make these distributions, it may be required to defer certain deductions for amounts paid to owner-employees. Can i efile my 2010 taxes now The amount deferred is treated as paid or incurred in the following tax year. Can i efile my 2010 taxes now   For information on the minimum distribution, see the instructions for Part I of Schedule H (Form 1120), Section 280H Limitations for a Personal Service Corporation (PSC). Can i efile my 2010 taxes now Back-up election. Can i efile my 2010 taxes now   A partnership, S corporation, or PSC can file a back-up section 444 election if it requests (or plans to request) permission to use a business purpose tax year, discussed later. Can i efile my 2010 taxes now If the request is denied, the back-up section 444 election must be activated (if the partnership, S corporation, or PSC otherwise qualifies). Can i efile my 2010 taxes now Making back-up election. Can i efile my 2010 taxes now   The general rules for making a section 444 election, as discussed earlier, apply. Can i efile my 2010 taxes now When filing Form 8716, type or print “BACK-UP ELECTION” at the top of the form. Can i efile my 2010 taxes now However, if Form 8716 is filed on or after the date Form 1128 (or Form 2553) is filed, type or print “FORM 1128 (or FORM 2553) BACK-UP ELECTION” at the top of Form 8716. Can i efile my 2010 taxes now Activating election. Can i efile my 2010 taxes now   A partnership or S corporation activates its back-up election by filing the return required and making the required payment with Form 8752. Can i efile my 2010 taxes now The due date for filing Form 8752 and making the payment is the later of the following dates. Can i efile my 2010 taxes now May 15 of the calendar year following the calendar year in which the applicable election year begins. Can i efile my 2010 taxes now 60 days after the partnership or S corporation has been notified by the IRS that the business year request has been denied. Can i efile my 2010 taxes now   A PSC activates its back-up election by filing Form 8716 with its original or amended income tax return for the tax year in which the election is first effective and printing on the top of the income tax return, “ACTIVATING BACK-UP ELECTION. Can i efile my 2010 taxes now ” 52-53-Week Tax Year A partnership, S corporation, or PSC can use a tax year other than its required tax year if it elects a 52-53-week tax year (discussed earlier) that ends with reference to either its required tax year or a tax year elected under section 444 (discussed earlier). Can i efile my 2010 taxes now A newly formed partnership, S corporation, or PSC can adopt a 52-53-week tax year ending with reference to either its required tax year or a tax year elected under section 444 without IRS approval. Can i efile my 2010 taxes now However, if the entity wishes to change to a 52-53-week tax year or change from a 52-53-week tax year that references a particular month to a non-52-53-week tax year that ends on the last day of that month, it must request IRS approval by filing Form 1128. Can i efile my 2010 taxes now Business Purpose Tax Year A partnership, S corporation, or PSC establishes the business purpose for a tax year by filing Form 1128. Can i efile my 2010 taxes now See the Instructions for Form 1128 for details. Can i efile my 2010 taxes now Corporations (Other Than S Corporations and PSCs) A new corporation establishes its tax year when it files its first tax return. Can i efile my 2010 taxes now A newly reactivated corporation that has been inactive for a number of years is treated as a new taxpayer for the purpose of adopting a tax year. Can i efile my 2010 taxes now An S corporation or a PSC must use the required tax year rules, discussed earlier, to establish a tax year. Can i efile my 2010 taxes now Generally, a corporation that wants to change its tax year must obtain approval from the IRS under either the: (a) automatic approval procedures; or (b) ruling request procedures. Can i efile my 2010 taxes now See the Instructions for Form 1128 for details. Can i efile my 2010 taxes now Accounting Methods An accounting method is a set of rules used to determine when income and expenses are reported on your tax return. Can i efile my 2010 taxes now Your accounting method includes not only your overall method of accounting, but also the accounting treatment you use for any material item. Can i efile my 2010 taxes now You choose an accounting method when you file your first tax return. Can i efile my 2010 taxes now If you later want to change your accounting method, you must get IRS approval. Can i efile my 2010 taxes now See Change in Accounting Method, later. Can i efile my 2010 taxes now No single accounting method is required of all taxpayers. Can i efile my 2010 taxes now You must use a system that clearly reflects your income and expenses and you must maintain records that will enable you to file a correct return. Can i efile my 2010 taxes now In addition to your permanent accounting books, you must keep any other records necessary to support the entries on your books and tax returns. Can i efile my 2010 taxes now You must use the same accounting method from year to year. Can i efile my 2010 taxes now An accounting method clearly reflects income only if all items of gross income and expenses are treated the same from year to year. Can i efile my 2010 taxes now If you do not regularly use an accounting method that clearly reflects your income, your income will be refigured under the method that, in the opinion of the IRS, does clearly reflect income. Can i efile my 2010 taxes now Methods you can use. Can i efile my 2010 taxes now   In general, you can compute your taxable income under any of the following accounting methods. Can i efile my 2010 taxes now Cash method. Can i efile my 2010 taxes now Accrual method. Can i efile my 2010 taxes now Special methods of accounting for certain items of income and expenses. Can i efile my 2010 taxes now A hybrid method which combines elements of two or more of the above accounting methods. Can i efile my 2010 taxes now The cash and accrual methods of accounting are explained later. Can i efile my 2010 taxes now Special methods. Can i efile my 2010 taxes now   This publication does not discuss special methods of accounting for certain items of income or expenses. Can i efile my 2010 taxes now For information on reporting income using one of the long-term contract methods, see section 460 of the Internal Revenue Code and the related regulations. Can i efile my 2010 taxes now The following publications also discuss special methods of reporting income or expenses. Can i efile my 2010 taxes now Publication 225, Farmer's Tax Guide. Can i efile my 2010 taxes now Publication 535, Business Expenses. Can i efile my 2010 taxes now Publication 537, Installment Sales. Can i efile my 2010 taxes now Publication 946, How To Depreciate Property. Can i efile my 2010 taxes now Hybrid method. Can i efile my 2010 taxes now   Generally, you can use any combination of cash, accrual, and special methods of accounting if the combination clearly reflects your income and you use it consistently. Can i efile my 2010 taxes now However, the following restrictions apply. Can i efile my 2010 taxes now If an inventory is necessary to account for your income, you must use an accrual method for purchases and sales. Can i efile my 2010 taxes now See Exceptions under Inventories, later. Can i efile my 2010 taxes now Generally, you can use the cash method for all other items of income and expenses. Can i efile my 2010 taxes now See Inventories, later. Can i efile my 2010 taxes now If you use the cash method for reporting your income, you must use the cash method for reporting your expenses. Can i efile my 2010 taxes now If you use an accrual method for reporting your expenses, you must use an accrual method for figuring your income. Can i efile my 2010 taxes now Any combination that includes the cash method is treated as the cash method for purposes of section 448 of the Internal Revenue Code. Can i efile my 2010 taxes now Business and personal items. Can i efile my 2010 taxes now   You can account for business and personal items using different accounting methods. Can i efile my 2010 taxes now For example, you can determine your business income and expenses under an accrual method, even if you use the cash method to figure personal items. Can i efile my 2010 taxes now Two or more businesses. Can i efile my 2010 taxes now   If you operate two or more separate and distinct businesses, you can use a different accounting method for each business. Can i efile my 2010 taxes now No business is separate and distinct, unless a complete and separate set of books and records is maintained for each business. Can i efile my 2010 taxes now Note. Can i efile my 2010 taxes now If you use different accounting methods to create or shift profits or losses between businesses (for example, through inventory adjustments, sales, purchases, or expenses) so that income is not clearly reflected, the businesses will not be considered separate and distinct. Can i efile my 2010 taxes now Cash Method Most individuals and many small businesses use the cash method of accounting. Can i efile my 2010 taxes now Generally, if you produce, purchase, or sell merchandise, you must keep an inventory and use an accrual method for sales and purchases of merchandise. Can i efile my 2010 taxes now See Inventories, later, for exceptions to this rule. Can i efile my 2010 taxes now Income Under the cash method, you include in your gross income all items of income you actually or constructively receive during the tax year. Can i efile my 2010 taxes now If you receive property and services, you must include their fair market value (FMV) in income. Can i efile my 2010 taxes now Constructive receipt. Can i efile my 2010 taxes now   Income is constructively received when an amount is credited to your account or made available to you without restriction. Can i efile my 2010 taxes now You need not have possession of it. Can i efile my 2010 taxes now If you authorize someone to be your agent and receive income for you, you are considered to have received it when your agent receives it. Can i efile my 2010 taxes now Income is not constructively received if your control of its receipt is subject to substantial restrictions or limitations. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now You are a calendar year taxpayer. Can i efile my 2010 taxes now Your bank credited, and made available, interest to your bank account in December 2012. Can i efile my 2010 taxes now You did not withdraw it or enter it into your books until 2013. Can i efile my 2010 taxes now You must include the amount in gross income for 2012, the year you constructively received it. Can i efile my 2010 taxes now You cannot hold checks or postpone taking possession of similar property from one tax year to another to postpone paying tax on the income. Can i efile my 2010 taxes now You must report the income in the year the property is received or made available to you without restriction. Can i efile my 2010 taxes now Expenses Under the cash method, generally, you deduct expenses in the tax year in which you actually pay them. Can i efile my 2010 taxes now This includes business expenses for which you contest liability. Can i efile my 2010 taxes now However, you may not be able to deduct an expense paid in advance. Can i efile my 2010 taxes now Instead, you may be required to capitalize certain costs, as explained later under Uniform Capitalization Rules. Can i efile my 2010 taxes now Expense paid in advance. Can i efile my 2010 taxes now   An expense you pay in advance is deductible only in the year to which it applies, unless the expense qualifies for the 12-month rule. Can i efile my 2010 taxes now   Under the 12-month rule, a taxpayer is not required to capitalize amounts paid to create certain rights or benefits for the taxpayer that do not extend beyond the earlier of the following. Can i efile my 2010 taxes now 12 months after the right or benefit begins, or The end of the tax year after the tax year in which payment is made. Can i efile my 2010 taxes now   If you have not been applying the general rule (an expense paid in advance is deductible only in the year to which it applies) and/or the 12-month rule to the expenses you paid in advance, you must obtain approval from the IRS before using the general rule and/or the 12-month rule. Can i efile my 2010 taxes now See Change in Accounting Method, later. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now You are a calendar year taxpayer and pay $3,000 in 2012 for a business insurance policy that is effective for three years (36 months), beginning on July 1, 2012. Can i efile my 2010 taxes now The general rule that an expense paid in advance is deductible only in the year to which it applies is applicable to this payment because the payment does not qualify for the 12-month rule. Can i efile my 2010 taxes now Therefore, only $500 (6/36 x $3,000) is deductible in 2012, $1,000 (12/36 x $3,000) is deductible in 2013, $1,000 (12/36 x $3,000) is deductible in 2014, and the remaining $500 is deductible in 2015. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now You are a calendar year taxpayer and pay $10,000 on July 1, 2012, for a business insurance policy that is effective for only one year beginning on July 1, 2012. Can i efile my 2010 taxes now The 12-month rule applies. Can i efile my 2010 taxes now Therefore, the full $10,000 is deductible in 2012. Can i efile my 2010 taxes now Excluded Entities The following entities cannot use the cash method, including any combination of methods that includes the cash method. Can i efile my 2010 taxes now (See Special rules for farming businesses, later. Can i efile my 2010 taxes now ) A corporation (other than an S corporation) with average annual gross receipts exceeding $5 million. Can i efile my 2010 taxes now See Gross receipts test, below. Can i efile my 2010 taxes now A partnership with a corporation (other than an S corporation) as a partner, and with the partnership having average annual gross receipts exceeding $5 million. Can i efile my 2010 taxes now See Gross receipts test, below. Can i efile my 2010 taxes now A tax shelter. Can i efile my 2010 taxes now Exceptions The following entities are not prohibited from using the cash method of accounting. Can i efile my 2010 taxes now Any corporation or partnership, other than a tax shelter, that meets the gross receipts test for all tax years after 1985. Can i efile my 2010 taxes now A qualified personal service corporation (PSC). Can i efile my 2010 taxes now Gross receipts test. Can i efile my 2010 taxes now   A corporation or partnership, other than a tax shelter, that meets the gross receipts test can generally use the cash method. Can i efile my 2010 taxes now A corporation or a partnership meets the test if, for each prior tax year beginning after 1985, its average annual gross receipts are $5 million or less. Can i efile my 2010 taxes now    An entity's average annual gross receipts for a prior tax year is determined by: Adding the gross receipts for that tax year and the 2 preceding tax years; and Dividing the total by 3. Can i efile my 2010 taxes now See Gross receipts test for qualifying taxpayers, for more information. Can i efile my 2010 taxes now Generally, a partnership applies the test at the partnership level. Can i efile my 2010 taxes now Gross receipts for a short tax year are annualized. Can i efile my 2010 taxes now Aggregation rules. Can i efile my 2010 taxes now   Organizations that are members of an affiliated service group or a controlled group of corporations treated as a single employer for tax purposes are required to aggregate their gross receipts to determine whether the gross receipts test is met. Can i efile my 2010 taxes now Change to accrual method. Can i efile my 2010 taxes now   A corporation or partnership that fails to meet the gross receipts test for any tax year is prohibited from using the cash method and must change to an accrual method of accounting, effective for the tax year in which the entity fails to meet this test. Can i efile my 2010 taxes now Special rules for farming businesses. Can i efile my 2010 taxes now   Generally, a taxpayer engaged in the trade or business of farming is allowed to use the cash method for its farming business. Can i efile my 2010 taxes now However, certain corporations (other than S corporations) and partnerships that have a partner that is a corporation must use an accrual method for their farming business. Can i efile my 2010 taxes now For this purpose, farming does not include the operation of a nursery or sod farm or the raising or harvesting of trees (other than fruit and nut trees). Can i efile my 2010 taxes now   There is an exception to the requirement to use an accrual method for corporations with gross receipts of $1 million or less for each prior tax year after 1975. Can i efile my 2010 taxes now For family corporations engaged in farming, the exception applies if gross receipts were $25 million or less for each prior tax year after 1985. Can i efile my 2010 taxes now See chapter 2 of Publication 225, Farmer's Tax Guide, for more information. Can i efile my 2010 taxes now Qualified PSC. Can i efile my 2010 taxes now   A PSC that meets the following function and ownership tests can use the cash method. Can i efile my 2010 taxes now Function test. Can i efile my 2010 taxes now   A corporation meets the function test if at least 95% of its activities are in the performance of services in the fields of health, veterinary services, law, engineering (including surveying and mapping), architecture, accounting, actuarial science, performing arts, or consulting. Can i efile my 2010 taxes now Ownership test. Can i efile my 2010 taxes now   A corporation meets the ownership test if at least 95% of its stock is owned, directly or indirectly, at all times during the year by one or more of the following. Can i efile my 2010 taxes now Employees performing services for the corporation in a field qualifying under the function test. Can i efile my 2010 taxes now Retired employees who had performed services in those fields. Can i efile my 2010 taxes now The estate of an employee described in (1) or (2). Can i efile my 2010 taxes now Any other person who acquired the stock by reason of the death of an employee referred to in (1) or (2), but only for the 2-year period beginning on the date of death. Can i efile my 2010 taxes now   Indirect ownership is generally taken into account if the stock is owned indirectly through one or more partnerships, S corporations, or qualified PSCs. Can i efile my 2010 taxes now Stock owned by one of these entities is considered owned by the entity's owners in proportion to their ownership interest in that entity. Can i efile my 2010 taxes now Other forms of indirect stock ownership, such as stock owned by family members, are generally not considered when determining if the ownership test is met. Can i efile my 2010 taxes now   For purposes of the ownership test, a person is not considered an employee of a corporation unless that person performs more than minimal services for the corporation. Can i efile my 2010 taxes now Change to accrual method. Can i efile my 2010 taxes now   A corporation that fails to meet the function test for any tax year; or fails to meet the ownership test at any time during any tax year must change to an accrual method of accounting, effective for the year in which the corporation fails to meet either test. Can i efile my 2010 taxes now A corporation that fails to meet the function test or the ownership test is not treated as a qualified PSC for any part of that tax year. Can i efile my 2010 taxes now Accrual Method Under the accrual method of accounting, generally you report income in the year it is earned and deduct or capitalize expenses in the year incurred. Can i efile my 2010 taxes now The purpose of an accrual method of accounting is to match income and expenses in the correct year. Can i efile my 2010 taxes now Income Generally, you include an amount in gross income for the tax year in which all events that fix your right to receive the income have occurred and you can determine the amount with reasonable accuracy. Can i efile my 2010 taxes now Under this rule, you report an amount in your gross income on the earliest of the following dates. Can i efile my 2010 taxes now When you receive payment. Can i efile my 2010 taxes now When the income amount is due to you. Can i efile my 2010 taxes now When you earn the income. Can i efile my 2010 taxes now When title has passed. Can i efile my 2010 taxes now Estimated income. Can i efile my 2010 taxes now   If you include a reasonably estimated amount in gross income and later determine the exact amount is different, take the difference into account in the tax year you make that determination. Can i efile my 2010 taxes now Change in payment schedule. Can i efile my 2010 taxes now   If you perform services for a basic rate specified in a contract, you must accrue the income at the basic rate, even if you agree to receive payments at a reduced rate. Can i efile my 2010 taxes now Continue this procedure until you complete the services, then account for the difference. Can i efile my 2010 taxes now Advance Payment for Services Generally, you report an advance payment for services to be performed in a later tax year as income in the year you receive the payment. Can i efile my 2010 taxes now However, if you receive an advance payment for services you agree to perform by the end of the next tax year, you can elect to postpone including the advance payment in income until the next tax year. Can i efile my 2010 taxes now However, you cannot postpone including any payment beyond that tax year. Can i efile my 2010 taxes now Service agreement. Can i efile my 2010 taxes now   You can postpone reporting income from an advance payment you receive for a service agreement on property you sell, lease, build, install, or construct. Can i efile my 2010 taxes now This includes an agreement providing for incidental replacement of parts or materials. Can i efile my 2010 taxes now However, this applies only if you offer the property without a service agreement in the normal course of business. Can i efile my 2010 taxes now Postponement not allowed. Can i efile my 2010 taxes now   Generally, one cannot postpone including an advance payment in income for services if either of the following applies. Can i efile my 2010 taxes now You are to perform any part of the service after the end of the tax year immediately following the year you receive the advance payment. Can i efile my 2010 taxes now You are to perform any part of the service at any unspecified future date that may be after the end of the tax year immediately following the year you receive the advance payment. Can i efile my 2010 taxes now Examples. Can i efile my 2010 taxes now   In each of the following examples, assume the tax year is a calendar year and that the accrual method of accounting is used. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now You manufacture, sell, and service computers. Can i efile my 2010 taxes now You received payment in 2012 for a one-year contingent service contract on a computer you sold. Can i efile my 2010 taxes now You can postpone including in income the part of the payment you did not earn in 2012 if, in the normal course of your business, you offer computers for sale without a contingent service contract. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now You are in the television repair business. Can i efile my 2010 taxes now You received payments in 2012 for one-year contracts under which you agree to repair or replace certain parts that fail to function properly in television sets manufactured and sold by unrelated parties. Can i efile my 2010 taxes now You include the payments in gross income as you earn them. Can i efile my 2010 taxes now Example 3. Can i efile my 2010 taxes now You own a dance studio. Can i efile my 2010 taxes now On October 1, 2012, you receive payment for a one-year contract for 48 one-hour lessons beginning on that date. Can i efile my 2010 taxes now You give eight lessons in 2012. Can i efile my 2010 taxes now Under this method of including advance payments, you must include one-sixth (8/48) of the payment in income for 2012, and five-sixths (40/48) of the payment in 2013, even if you do not give all the lessons by the end of 2013. Can i efile my 2010 taxes now Example 4. Can i efile my 2010 taxes now Assume the same facts as in Example 3, except the payment is for a two-year contract for 96 lessons. Can i efile my 2010 taxes now You must include the entire payment in income in 2012 since part of the services may be performed after the following year. Can i efile my 2010 taxes now Guarantee or warranty. Can i efile my 2010 taxes now   Generally, you cannot postpone reporting income you receive under a guarantee or warranty contract. Can i efile my 2010 taxes now Prepaid rent. Can i efile my 2010 taxes now   You cannot postpone reporting income from prepaid rent. Can i efile my 2010 taxes now Prepaid rent does not include payment for the use of a room or other space when significant service is also provided for the occupant. Can i efile my 2010 taxes now You provide significant service when you supply space in a hotel, boarding house, tourist home, motor court, motel, or apartment house that furnishes hotel services. Can i efile my 2010 taxes now Books and records. Can i efile my 2010 taxes now   Any advance payment you include in gross receipts on your tax return for the year you receive payment must not be less than the payment you include in income for financial reports under the method of accounting used for those reports. Can i efile my 2010 taxes now Financial reports include reports to shareholders, partners, beneficiaries, and other proprietors for credit purposes and consolidated financial statements. Can i efile my 2010 taxes now IRS approval. Can i efile my 2010 taxes now   You must file Form 3115 to obtain IRS approval to change your method of accounting for advance payment for services. Can i efile my 2010 taxes now Advance Payment for Sales Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods held primarily for sale to customers in the ordinary course of your trade or business. Can i efile my 2010 taxes now However, the rules do not apply to a payment (or part of a payment) for services that are not an integral part of the main activities covered under the agreement. Can i efile my 2010 taxes now An agreement includes a gift certificate that can be redeemed for goods. Can i efile my 2010 taxes now Amounts due and payable are considered received. Can i efile my 2010 taxes now How to report payments. Can i efile my 2010 taxes now   Generally, include an advance payment in income in the year in which you receive it. Can i efile my 2010 taxes now However, you can use the alternative method, discussed next. Can i efile my 2010 taxes now Alternative method of reporting. Can i efile my 2010 taxes now   Under the alternative method, generally include an advance payment in income in the earlier tax year in which you: Include advance payments in gross receipts under the method of accounting you use for tax purposes, or Include any part of advance payments in income for financial reports under the method of accounting used for those reports. Can i efile my 2010 taxes now Financial reports include reports to shareholders, partners, beneficiaries, and other proprietors for credit purposes and consolidated financial statements. Can i efile my 2010 taxes now Example 1. Can i efile my 2010 taxes now You are a retailer. Can i efile my 2010 taxes now You use an accrual method of accounting and account for the sale of goods when you ship the goods. Can i efile my 2010 taxes now You use this method for both tax and financial reporting purposes. Can i efile my 2010 taxes now You can include advance payments in gross receipts for tax purposes in either: (a) the tax year in which you receive the payments; or (b) the tax year in which you ship the goods. Can i efile my 2010 taxes now However, see Exception for inventory goods, later. Can i efile my 2010 taxes now Example 2. Can i efile my 2010 taxes now You are a calendar year taxpayer. Can i efile my 2010 taxes now You manufacture household furniture and use an accrual method of accounting. Can i efile my 2010 taxes now Under this method, you accrue income for your financial reports when you ship the furniture. Can i efile my 2010 taxes now For tax purposes, you do not accrue income until the furniture has been delivered and accepted. Can i efile my 2010 taxes now In 2012, you received an advance payment of $8,000 for an order of furniture to be manufactured for a total price of $20,000. Can i efile my 2010 taxes now You shipped the furniture to the customer in December 2012, but it was not delivered and accepted until January 2013. Can i efile my 2010 taxes now For tax purposes, you include the $8,000 advance payment in gross income for 2012; and include the remaining $12,000 of the contract price in gross income for 2013. Can i efile my 2010 taxes now Information schedule. Can i efile my 2010 taxes now   If you use the alternative method of reporting advance payments, you must attach a statement with the following information to your tax return each year. Can i efile my 2010 taxes now Total advance payments received in the current tax year. Can i efile my 2010 taxes now Total advance payments received in earlier tax years and not included in income before the current tax year. Can i efile my 2010 taxes now Total payments received in earlier tax years included in income for the current tax year. Can i efile my 2010 taxes now Exception for inventory goods. Can i efile my 2010 taxes now   If you have an agreement to sell goods properly included in inventory, you can postpone including the advance payment in income until the end of the second tax year following the year you receive an advance payment if, on the last day of the tax year, you meet the following requirements. Can i efile my 2010 taxes now You account for the advance payment under the alternative method (discussed earlier). Can i efile my 2010 taxes now You have received a substantial advance payment on the agreement (discussed next). Can i efile my 2010 taxes now You have enough substantially similar goods on hand, or available through your normal source of supply, to satisfy the agreement. Can i efile my 2010 taxes now These rules also apply to an agreement, such as a gift certificate, that can be satisfied with goods that cannot be identified in the tax year you receive an advance payment. Can i efile my 2010 taxes now   If you meet these conditions, all advance payments you receive by the end of the second tax year, including payments received in prior years but not reported, must be included in income by the second tax year following the tax year of receipt of substantial advance payments. Can i efile my 2010 taxes now You must also deduct in that second year all actual or estimated costs for the goods required to satisfy the agreement. Can i efile my 2010 taxes now If you estimated the cost, you must take into account any difference between the estimate and the actual cost when the goods are delivered. Can i efile my 2010 taxes now Note. Can i efile my 2010 taxes now You must report any advance payments you receive after the second year in the year received. Can i efile my 2010 taxes now No further deferral is allowed. Can i efile my 2010 taxes now Substantial advance payments. Can i efile my 2010 taxes now   Under an agreement for a future sale, you have substantial advance payments if, by the end of the tax year, the total advance payments received during that year and preceding tax years are equal to or more than the total costs reasonably estimated to be includible in inventory because of the agreement. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now You are a calendar year, accrual method taxpayer who accounts for advance payments under the alternative method. Can i efile my 2010 taxes now In 2008, you entered into a contract for the sale of goods properly includible in your inventory. Can i efile my 2010 taxes now The total contract price is $50,000 and you estimate that your total inventoriable costs for the goods will be $25,000. Can i efile my 2010 taxes now You receive the following advance payments under the contract. Can i efile my 2010 taxes now 2009 $17,500 2010 10,000 2011 7,500 2012 5,000 2013 5,000 2014 5,000 Total contract price $50,000   Your customer asked you to deliver the goods in 2015. Can i efile my 2010 taxes now In your 2010 closing inventory, you had on hand enough of the type of goods specified in the contract to satisfy the contract. Can i efile my 2010 taxes now Since the advance payments you had received by the end of 2010 were more than the costs you estimated, the payments are substantial advance payments. Can i efile my 2010 taxes now   For 2012, include in income all payments you received by the end of 2012, the second tax year following the tax year in which you received substantial advance payments. Can i efile my 2010 taxes now You must include $40,000 in sales for 2012 (the total amounts received from 2009 through 2012) and include in inventory the cost of the goods (or similar goods) on hand. Can i efile my 2010 taxes now If no such goods are on hand, then estimate the cost necessary to satisfy the contract. Can i efile my 2010 taxes now   No further deferral is allowed. Can i efile my 2010 taxes now You must include in gross income the advance payment you receive each remaining year of the contract. Can i efile my 2010 taxes now Take into account the difference between any estimated cost of goods sold and the actual cost when you deliver the goods in 2015. Can i efile my 2010 taxes now IRS approval. Can i efile my 2010 taxes now   You must file Form 3115 to obtain IRS approval to change your method of accounting for advance payments for sales. Can i efile my 2010 taxes now Expenses Under an accrual method of accounting, you generally deduct or capitalize a business expense when both the following apply. Can i efile my 2010 taxes now The all-events test has been met. Can i efile my 2010 taxes now The test is met when: All events have occurred that fix the fact of liability, and The liability can be determined with reasonable accuracy. Can i efile my 2010 taxes now Economic performance has occurred. Can i efile my 2010 taxes now Economic Performance Generally, you cannot deduct or capitalize a business expense until economic performance occurs. Can i efile my 2010 taxes now If your expense is for property or services provided to you, or for your use of property, economic performance occurs as the property or services are provided or the property is used. Can i efile my 2010 taxes now If your expense is for property or services you provide to others, economic performance occurs as you provide the property or services. Can i efile my 2010 taxes now Example. Can i efile my 2010 taxes now You are a calendar year taxpayer. Can i efile my 2010 taxes now You buy office supplies in December 2012. Can i efile my 2010 taxes now You receive the supplies and the bill in December, but you pay the bill in January 2013. Can i efile my 2010 taxes now You can deduct the expense in 2012 because all events have occurred to fix the liability, the amount of the liability can be determined, and economic performance occurred in 2012. Can i efile my 2010 taxes now Your office supplies may qualify as a recurring item, discussed later. Can i efile my 2010 taxes now If so, you can deduct them in 2012, even if the supplies are not delivered until 2013 (when economic performance occurs). Can i efile my 2010 taxes now Workers' compensation and tort liability. Can i efile my 2010 taxes now   If you are required to make payments under workers' compensation laws or in satisfaction of any tort liability, economic performance occurs as you make the payments. Can i efile my 2010 taxes now If you are required to make payments to a special designated settlement fund established by court order for a tort liability, economic performance occurs as you make the payments. Can i efile my 2010 taxes now Taxes. Can i efile my 2010 taxes now   Economic performance generally occurs as estimated income tax, property taxes, employment taxes, etc. Can i efile my 2010 taxes now are paid. Can i efile my 2010 taxes now However, you can elect to treat taxes as a recurring item, discussed later. Can i efile my 2010 taxes now You can also elect to ratably accrue real estate taxes. Can i efile my 2010 taxes now See chapter 5 of Publication 535 for information about real estate taxes. Can i efile my 2010 taxes now Other liabilities. Can i efile my 2010 taxes now   Other liabilities for which economic performance occurs as you make payments include liabilities for breach of contract (to the extent of incidental, consequential, and liquidated damages), violation of law, rebates and refunds, awards, prizes, jackpots, insurance, and warranty and service contracts. Can i efile my 2010 taxes now Interest. Can i efile my 2010 taxes now   Economic performance occurs with the passage of time (as the borrower uses, and the lender forgoes use of, the lender's money) rather than as payments are made. Can i efile my 2010 taxes now Compensation for services. Can i efile my 2010 taxes now   Generally, economic performance occurs as an employee renders service to the employer. Can i efile my 2010 taxes now However, deductions for compensation or other benefits paid to an employee in a year subsequent to economic performance are subject to the rules governing deferred compensation, deferred benefits, and funded welfare benefit plans. Can i efile my 2010 taxes now For information on employee benefit programs, see Publication 15-B, Employer's Tax Guide to Fringe Benefits. Can i efile my 2010 taxes now Vacation pay. Can i efile my 2010 taxes now   You can take a current deduction for vacation pay earned by your employees if you pay it during the year or, if the amount is vested, within 2½ months after the end of the year. Can i efile my 2010 taxes now If you pay it later than this, you must deduct it in the year actually paid. Can i efile my 2010 taxes now An amount is vested if your right to it cannot be nullified or cancelled. Can i efile my 2010 taxes now Exception for recurring items. Can i efile my 2010 taxes now   An exception to the economic performance rule allows certain recurring items to be treated as incurred during the tax year even though economic performance has not occurred. Can i efile my 2010 taxes now The exception applies if all the following requirements are met. Can i efile my 2010 taxes now The all-events test, discussed earlier, is met. Can i efile my 2010 taxes now Economic performance occurs by the earlier of the following dates. Can i efile my 2010 taxes now 8½ months after the close of the year. Can i efile my 2010 taxes now The date you file a timely return (including extensions) for the year. Can i efile my 2010 taxes now The item is recurring in nature and you consistently treat similar items as incurred in the tax year in which the all-events test is met. Can i efile my 2010 taxes now Either: The item is not material, or Accruing the item in the year in which the all-events test is met results in a better match against income than accruing the item in the year of economic performance. Can i efile my 2010 taxes now This exception does not apply to workers' compensation or tort liabilities. Can i efile my 2010 taxes now Amended return. Can i efile my 2010 taxes now   You may be able to file an amended return and treat a liability as incurred under the recurring item exception. Can i efile my 2010 taxes now You can do so if economic performance for the liability occurs after you file your tax return for the year, but within 8½ months after the close of the tax year. Can i efile my 2010 taxes now Recurrence and consistency. Can i efile my 2010 taxes now   To determine whether an item is recurring and consistently reported, consider the frequency with which the item and similar items are incurred (or expected to be incurred) and how you report these items for tax purposes. Can i efile my 2010 taxes now A new expense or an expense not incurred every year can be treated as recurring if it is reasonable to expect that it will be incurred regularly in the future. Can i efile my 2010 taxes now Materiality. Can i efile my 2010 taxes now   Factors to consider in determining the materiality of a recurring item include the size of the item (both in absolute terms and in relation to your income and other expenses) and the treatment of the item on your financial statements. Can i efile my 2010 taxes now   An item considered material for financial statement purposes is also considered material for tax purposes. Can i efile my 2010 taxes now However, in certain situations an immaterial item for financial accounting purposes is treated as material for purposes of economic performance. Can i efile my 2010 taxes now Matching expenses with income. Can i efile my 2010 taxes now   Costs directly associated with the revenue of a period are properly allocable to that period. Can i efile my 2010 taxes now To determine whether the accrual of an expense in a particular year results in a better match with the income to which it relates, generally accepted accounting principles (GAAP; visit www. Can i efile my 2010 taxes now fasab. Can i efile my 2010 taxes now gov/accepted. Can i efile my 2010 taxes now html) are an important factor. Can i efile my 2010 taxes now   For example, if you report sales income in the year of sale, but you do not ship the goods until the following year, the shipping costs are more properly matched to income in the year of sale than the year the goods are shipped. Can i efile my 2010 taxes now Expenses that cannot be practically associated with income of a particular period, such as advertising costs, should be assigned to the period the costs are incurred. Can i efile my 2010 taxes now However, the matching requirement is considered met for certain types of expenses. Can i efile my 2010 taxes now These expenses include taxes, payments under insurance, warranty, and service contracts, rebates, refunds, awards, prizes, and jackpots. Can i efile my 2010 taxes now Expenses Paid in Advance An expense you pay in advance is deductible only in the year to which it applies, unless the expense qualifies for the 12-month rule. Can i efile my 2010 taxes now Under the 12-month rule, a taxpayer is not required to capitalize amounts paid to create certain rights or benefits for the taxpayer that do not extend beyond the earlier of the following. Can i efile my 2010 taxes now 12 months after the right or benefit begins, or The end of the tax year after the tax year in which payment is made. Can i efile my 2010 taxes now If you have not been applying the general rule (an expense paid in advance is deductible only in the year to which it applies) and/or the 12-month rule to the expenses you paid in advance, you must get IRS approval before using the general rule and/or the 12-month rule. Can i efile my 2010 taxes now See Change in Accounting Method, later, for information on how to get IRS approval. Can i efile my 2010 taxes now See Expense paid in advance under Cash Method, earlier, for examples illustrating the application of the general and 12-month rules. Can i efile my 2010 taxes now Related Persons Business expenses and interest owed to a related person who uses the cash method of accounting are not deductible until you make the payment and the corresponding amount is includible in the related person's gross income. Can i efile my 2010 taxes now Determine the relationship for this rule as of the end of the tax year for which the expense or interest would otherwise be deductible. Can i efile my 2010 taxes now See section 267 of the Internal Revenue Code and Publication 542, Corporations, for the definition of related person. Can i efile my 2010 taxes now Inventories An inventory is necessary to clearly show income when the production, purchase, or sale of merchandise is an income-producing factor. Can i efile my 2010 taxes now If you must account for an inventory in your business, you must use an accrual method of accounting for your purchases and sales. Can i efile my 2010 taxes now However, see Exceptions, next. Can i efile my 2010 taxes now See also Accrual Method, earlier. Can i efile my 2010 taxes now To figure taxable income, you must value your inventory at the beginning and end of each tax year. Can i efile my 2010 taxes now To determine the value, you need a method for identifying the items in your inventory and a method for valuing these items. Can i efile my 2010 taxes now See Identifying Cost and Valuing Inventory, later. Can i efile my 2010 taxes now The rules for valuing inventory are not the same for all businesses. Can i efile my 2010 taxes now The method you use must conform to generally accepted accounting principles for similar businesses and must clearly reflect income. Can i efile my 2010 taxes now Your inventory practices must be consistent from year to year. Can i efile my 2010 taxes now The rules discussed here apply only if they do not conflict with the uniform capitalization rules of section 263A and the mark-to-market rules of section 475. Can i efile my 2010 taxes now Exceptions The following taxpayers can use the cash method of accounting even if they produce, purchase, or sell merchandise. Can i efile my 2010 taxes now These taxpayers can also account for inventoriable items as materials and supplies that are not incidental (discussed later). Can i efile my 2010 taxes now A qualifying taxpayer under Revenue Procedure 2001-10 on page 272 of Internal Revenue Bulletin 2001-2, available at www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/pub/irs-irbs/irb01–02. Can i efile my 2010 taxes now pdf. Can i efile my 2010 taxes now A qualifying small business taxpayer under Revenue Procedure 2002-28, on page 815 of Internal Revenue Bulletin 2002-18, available at www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/pub/irs-irbs/irb02–18. Can i efile my 2010 taxes now pdf. Can i efile my 2010 taxes now In addition to the information provided in this publication, you should see the revenue procedures referenced in the list, above, and the instructions for Form 3115 for information you will need to adopt or change to these accounting methods (see Changing methods, later). Can i efile my 2010 taxes now Qualifying taxpayer. Can i efile my 2010 taxes now   You are a qualifying taxpayer under Revenue Procedure 2001-10 only if: You satisfy the gross receipts test for each prior tax year ending on or after December 17, 1998 (see Gross receipts test for qualifying taxpayers, next). Can i efile my 2010 taxes now Your average annual gross receipts for each test year (explained in Step 1, listed next) must be $1 million or less. Can i efile my 2010 taxes now You are not a tax shelter as defined under section 448(d)(3) of the Internal Revenue Code. Can i efile my 2010 taxes now Gross receipts test for qualifying taxpayers. Can i efile my 2010 taxes now   To determine if you meet the gross receipts test for qualifying taxpayers, use the following steps: Step 1. Can i efile my 2010 taxes now List each of the test years. Can i efile my 2010 taxes now For qualifying taxpayers under Revenue Procedure 2001-10, the test years are each prior tax year ending on or after December 17, 1998. Can i efile my 2010 taxes now Step 2. Can i efile my 2010 taxes now Determine your average annual gross receipts for each test year listed in Step 1. Can i efile my 2010 taxes now Your average annual gross receipts for a tax year is determined by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Can i efile my 2010 taxes now Step 3. Can i efile my 2010 taxes now You meet the gross receipts test for qualifying taxpayers if your average annual gross receipts for each test year listed in Step 1 is $1 million or less. Can i efile my 2010 taxes now Qualifying small business taxpayer. Can i efile my 2010 taxes now   You are a qualifying small business taxpayer under Revenue Procedure 2002-28 only if: You satisfy the gross receipts test for each prior tax year ending on or after December 31, 2000 (see Gross receipts test for qualifying small business taxpayers, next). Can i efile my 2010 taxes now Your average annual gross receipts for each test year (explained in Step 1, listed next) must be $10 million or less. Can i efile my 2010 taxes now You are not prohibited from using the cash method under section 448 of the Internal Revenue Code. Can i efile my 2010 taxes now Your principle business activity is an eligible business. Can i efile my 2010 taxes now See Eligible business, later. Can i efile my 2010 taxes now You have not changed (or have not been required to change) from the cash method because you became ineligible to use the cash method under Revenue Procedure 2002-28. Can i efile my 2010 taxes now Note. Can i efile my 2010 taxes now Revenue Procedure 2002-28 does not apply to a farming business of a qualifying small business taxpayer. Can i efile my 2010 taxes now A taxpayer engaged in the trade or business of farming generally is allowed to use the cash method for any farming business. Can i efile my 2010 taxes now See Special rules for farming businesses under Cash Method, earlier. Can i efile my 2010 taxes now Gross receipts test for qualifying small business taxpayers. Can i efile my 2010 taxes now   To determine if you meet the gross receipts test for qualifying small business taxpayers, use the following steps: Step 1. Can i efile my 2010 taxes now List each of the test years. Can i efile my 2010 taxes now For qualifying small business taxpayers under Revenue Procedure 2002-28, the test years are each prior tax year ending on or after December 31, 2000. Can i efile my 2010 taxes now Step 2. Can i efile my 2010 taxes now Determine your average annual gross receipts for each test year listed in Step 1. Can i efile my 2010 taxes now Your average annual gross receipts for a tax year is determined by adding the gross receipts for that tax year and the 2 preceding tax years and dividing the total by 3. Can i efile my 2010 taxes now Step 3. Can i efile my 2010 taxes now You meet the gross receipts test for qualifying small business taxpayers if your average annual gross receipts for each test year listed in Step 1 is $10 million or less. Can i efile my 2010 taxes now Eligible business. Can i efile my 2010 taxes now   An eligible business is any business for which a qualified small business taxpayer can use the cash method and choose to not keep an inventory. Can i efile my 2010 taxes now You have an eligible business if you meet any of the following requirements. Can i efile my 2010 taxes now Your principal business activity is described in a North American Industry Classification System (NAICS) code other than any of the following NAICS subsector codes: NAICS codes 211 and 212 (mining activities). Can i efile my 2010 taxes now NAICS codes 31-33 (manufacturing). Can i efile my 2010 taxes now NAICS code 42 (wholesale trade). Can i efile my 2010 taxes now NAICS codes 44-45 (retail trade). Can i efile my 2010 taxes now NAICS codes 5111 and 5122 (information industries). Can i efile my 2010 taxes now Your principal business activity is the provision of services, including the provision of property incident to those services. Can i efile my 2010 taxes now Your principal business activity is the fabrication or modification of tangible personal property upon demand in accordance with customer design or specifications. Can i efile my 2010 taxes now   Information about the NAICS codes can be found at http://www. Can i efile my 2010 taxes now census. Can i efile my 2010 taxes now gov/naics or in the instructions for your federal income tax return. Can i efile my 2010 taxes now Gross receipts. Can i efile my 2010 taxes now   In general, gross receipts must include all receipts from all your trades or businesses that must be recognized under the method of accounting you used for that tax year for federal income tax purposes. Can i efile my 2010 taxes now See the definit
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  • Beware of IRS' 2010 'Dirty Dozen' Tax Scams
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The Can I Efile My 2010 Taxes Now

Can i efile my 2010 taxes now Publication 1542 - Introductory Material Table of Contents What's New IntroductionOrdering forms and publications. Can i efile my 2010 taxes now Tax questions. Can i efile my 2010 taxes now What's New Future developments. Can i efile my 2010 taxes now  The IRS has created a page on IRS. Can i efile my 2010 taxes now gov for information about Publication 1542, at www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/pub1542. Can i efile my 2010 taxes now Information about any future developments affecting Publication 1542 (such as legislation enacted after we release it) will be posted on that page. Can i efile my 2010 taxes now Introduction This publication is for employers who pay a per diem allowance to employees for business travel away from home within the continental United States (CONUS) (the 48 contiguous states), on or after October 1, 2010, and before January 1, 2011. Can i efile my 2010 taxes now It gives the maximum per diem rate you can use without treating part of the per diem allowance as wages for tax purposes. Can i efile my 2010 taxes now For a detailed discussion on the tax treatment of a per diem allowance, see chapter 11 of Publication 535, Business Expenses, or Revenue Procedure 2011-47, 2011-42 I. Can i efile my 2010 taxes now R. Can i efile my 2010 taxes now B. Can i efile my 2010 taxes now 520, which can be found on the Internet at www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/irb/2011-42_IRB/ar12. Can i efile my 2010 taxes now html. Can i efile my 2010 taxes now Per diem rates on the Internet. Can i efile my 2010 taxes now   You will find links to per diem rates at www. Can i efile my 2010 taxes now gsa. Can i efile my 2010 taxes now gov/perdiem, including links to: CONUS per diem rates; Per diem rates for areas outside the continental United States (OCONUS), such as Alaska, Hawaii, Puerto Rico, and U. Can i efile my 2010 taxes now S. Can i efile my 2010 taxes now possessions; and Foreign per diem rates. Can i efile my 2010 taxes now Publication 1542 revisions. Can i efile my 2010 taxes now   Publication 1542 is available only on the Internet at IRS. Can i efile my 2010 taxes now gov. Can i efile my 2010 taxes now Print copies can no longer be ordered. Can i efile my 2010 taxes now   During the year, as changes to the federal per diem rates (updates) are announced by the General Services Administration (GSA), we will incorporate the changes into Publication 1542. Can i efile my 2010 taxes now An article on IRS. Can i efile my 2010 taxes now gov will alert you to which locations have updated rates. Can i efile my 2010 taxes now To reach these articles, go to www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/formspubs and click on “Changes to Current Tax Products,” under Important Changes. Can i efile my 2010 taxes now You will find the new rates in Table 4. Can i efile my 2010 taxes now   We will also incorporate mid-year changes to the high-low rates into Publication 1542. Can i efile my 2010 taxes now You will be alerted to these changes by a similar article on IRS. Can i efile my 2010 taxes now gov and can find the changes in Table 2 of the revised publication. Can i efile my 2010 taxes now   The annual changes, both federal per diem and high-low rates, will be incorporated into the publication as soon as possible after being announced by GSA and the IRS. Can i efile my 2010 taxes now The annual issue of the publication should be available each year in mid- to late-October. Can i efile my 2010 taxes now Comments and suggestions. Can i efile my 2010 taxes now   We welcome your comments about this publication and your suggestions for future editions. Can i efile my 2010 taxes now   You can write to us at the following address: Internal Revenue Service Individual Forms and Publications Branch SE:W:CAR:MP:T:I 1111 Constitution Ave. Can i efile my 2010 taxes now NW, IR-6526 Washington, DC 20224   We respond to many letters by telephone. Can i efile my 2010 taxes now Therefore, it would be helpful if you would include your daytime phone number, including the area code, in your correspondence. Can i efile my 2010 taxes now   You can email us at taxforms@irs. Can i efile my 2010 taxes now gov. Can i efile my 2010 taxes now Please put “Publications Comment” on the subject line. Can i efile my 2010 taxes now You can also send us comments from www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/formspubs/, select “Comment on Tax Forms and Publications” under “Information about. Can i efile my 2010 taxes now ”   Although we cannot respond individually to each comment received, we do appreciate your feedback and will consider your comments as we revise our tax products. Can i efile my 2010 taxes now Ordering forms and publications. Can i efile my 2010 taxes now   Visit www. Can i efile my 2010 taxes now irs. Can i efile my 2010 taxes now gov/formspubs/ to download forms and publications, call 1-800-829-3676, or write to the address below and receive a response within 10 days after your request is received. Can i efile my 2010 taxes now Internal Revenue Service 1201 N. Can i efile my 2010 taxes now Mitsubishi Motorway Bloomington, IL 61705-6613 Tax questions. Can i efile my 2010 taxes now   If you have a tax question, check the information available on IRS. Can i efile my 2010 taxes now gov or call 1-800-829-1040. Can i efile my 2010 taxes now We cannot answer tax questions sent to either of the above addresses. 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