Get Form CT-222.1: 2011 :Election To Use Different Annualization Periods ... - Tax Ny

To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)

A tax- payer may revoke an election made by him under section 615(e) or section 617(a) by filing with the internal rev- enue officer with whom the taxpayer's income tax return is required to be filed, within the periods set forth in paragraph (b) of this section, a state- ment, signed by the taxpayer or his au- ...

The annualized income installment method refigures estimated tax payment installments so it correlates to when the taxpayer earned the money in the year. It is designed to limit underpayment and corresponding underpayment penalties related to uneven payments when a taxpayer's income fluctuates throughout the year.

What are pass-through businesses? Most US businesses are not subject to the corporate income tax; rather, their profits flow through to owners or members and are taxed under the individual income tax. Pass-through businesses include sole proprietorships, partnerships, limited liability companies, and S-corporations.

To revoke an election, mark an X in the box and complete the Revocation of election section. You must file Form CT-187 by April 15 of the first year your corporation is not to be taxed under Article 9. If April 15 falls on a Saturday, Sunday, or legal holiday, the revocation is due on the next business day.

§ 653. Signing of returns and other documents. (a) General. (1) Any return, statement or other document required to be made pursuant to this article shall be signed in ance with regulations or instructions prescribed by the commissioner.