Form 8893 PDF Details

Understanding the intricacies of tax forms can often feel overwhelming, but knowing the specifics of forms like the 8893 can make a significant difference for small partnerships. Form 8893, titled "Election of Partnership Level Tax Treatment," is a crucial document for small partnerships that opt into the unified audit and litigation procedures as dictated by sections 6221 through 6234 of the Internal Revenue Code. This election impacts how audits and associated legal matters are handled, centralizing them at the partnership level rather than involving individual partners. It’s a decision that shouldn’t be taken lightly, as it subjects the partnership to specific procedures detailed in subchapter C of chapter 63 of the Code. The option to make this election is available to partnerships that meet the "small partnership" criteria, defined as having 10 or fewer partners, all of whom must be individuals (excluding nonresident aliens), C corporations, or estates of deceased partners. Filing Form 8893 requires careful timing—it must be attached to the partnership's tax return for the specified year and submitted by the return's due date (extensions included). Moreover, the form necessitates the unanimous agreement of all partners, evidenced by their signatures, confirming their consent to the election and attesting to the form's accuracy under penalties of perjury. This underscores the collective commitment needed when opting into these streamlined audit and litigation processes. The instructions provided with the form not only guide through how to file but also outline the consequences and procedural specifics, emphasizing the importance of understanding the election's full scope before proceeding.

QuestionAnswer
Form NameForm 8893
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesirs form 8893 purpose, purpose of 8893, form 8893 irs, what is form 8893

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Form 8893

Election of Partnership Level Tax Treatment

 

(December 2004)

 

 

 

 

OMB No. 1545-1912

 

 

 

 

 

Department of the Treasury

For tax year beginning

, 20

and ending

, 20

 

Internal Revenue Service

 

Partnership’s name, address, and ZIP code

 

 

Employer identification number

 

 

 

 

 

 

Election

We, the partners of the above named partnership, elect to have the provisions of subchapter C of chapter 63 of the Internal Revenue Code apply with respect to this partnership. This election will subject the partnership to the unified audit and litigation procedures of sections 6221 through 6234. We understand that this election is revocable only with IRS consent. All partners, who were members of the partnership at any time during the tax year shown above, have signed this form.

Partners’ Signatures

All partners, who were partners at any time during the tax year shown above, must sign below.

Under penalties of perjury, I declare that I was a partner during the taxable year as stated above and my signature confirms my agreement with the request for election. I have examined this consent statement, and to the best of my knowledge and belief, it is true, correct, and complete.

Signature

Date

For Paperwork Reduction Act Notice, see page 2.

Cat. No. 37701Y

Form 8893 (12-2004)

Form 8893 (12-2004)

Page 2

 

 

General Instructions

SECTION REFERENCES ARE TO THE INTERNAL REVENUE CODE UNLESS OTHERWISE NOTED.

Purpose of Form

Form 8893 is used only by small partnerships electing the unified audit and litigation procedures as set forth in section 6231(a)(1)(B)(ii). A “small partnership” is defined as any partnership having 10 or fewer partners each of whom is an individual (other than a nonresident alien), a C corporation, or an estate of a deceased partner. For this pupose, a husband and wife (and their estates) are treated as one partner.

How To File

This form must be attached to the partnership return for the tax year shown and must be filed by the due date of the return (including extensions). If the partnership files Form 1065 on time, the election can be made on an amended return filed no later than 6 months after the due date (excluding extensions) of the original return. Write “FILED PURSUANT TO SECTION 301.9100-2” in the top margin of the amended return and file it at the same address the original return was filed.

The election will be effective for the partnership tax year to which the return relates and all subsequent tax years unless revoked with IRS consent. A revocation of the election can be requested by filing Form 8894, Request to Revoke Partnership Level Tax Treatment Election.

Signing the Form

Each partner who was a partner in the partnership during the tax year for which the election is filed must sign the form. This includes all partners during the year, not just those who are partners at the end of the year.

A husband and wife are generally considered as one partner, and should both sign the election. Corporate partners should name the corporation, with the signature of the appropriate corporate officer. Attach a continuation sheet if more signature space is needed.

Paperwork Reduction Act Notice

We ask for the information on this form to carry out the Internal Revenue laws of the United States. You are required to give us the information. We need it to ensure that you are complying with these laws and to allow us to figure and collect the right amount of tax.

You are not required to provide the information requested on a form that is subject to the Paperwork Reduction Act unless the form displays a valid OMB control number. Books or records relating to a form or its instructions must be retained as long as their contents may become material in the administration of any Internal Revenue law. Generally, tax returns and return information are confidential, as

required by section 6103.

The time needed to complete and file this form will vary depending on individual circumstances. The estimated average time is:

Recordkeeping

1 hr., 25 min.

Learning about the

 

law or the form

24 min.

Preparing and sending

 

the form to the IRS

25 min.

If you have comments concerning the accuracy of these time estimates or suggestions for making this form simpler, we would be happy to hear from you. See the instructions for the tax return with which this form is filed.

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