Note:

Personal Service Corporations do not file Form 8752.

Form 8752 is an annual return due on or before May 15th of each year for which the election is in effect

See the Form 8752 instructions for specific line by line computation instruction. Form 8752 notices are mostly selected by NRPS using Select Key 75, however key 40 and other keys may display for these forms.

IRC section 6651 penalties (failure to file and pay) will not be applied to Form 8752 MFT 15 underpayments.

The required payment (line 9b) will post as the TC 150 amount. The system will credit the payment and automatically roll that amount forward to the following year’s account and post the credit with a TC 766; there will not be a corresponding debit for that amount. When the return posts, one of three things can occur:

TC 150 $5,000, TC 766 $8,000 (excess credit) the system will roll over $5,000 and issue a refund of $3,000.

TC 150 $8,000, TC 766 $5,000 (Balance due) if paid with the return, TC 610 for $3,000 and the system will roll over a credit of $8,000. If not paid with the return, a Balance Due Notice for $3,000 plus penalty and interest will be issued to the taxpayer. The system will roll over the credit of $5,000 and when paid, the system will roll over an additional $3,000.

TC 150 $5,000, TC 766 $5,000 (account in balance); The system will roll over a credit of $5,000.

Review Instructions:

Follow general review procedures. Verify the correct tax period. The tax period is the election year on the Form 8752. If the tax period is incorrect, route the case to Accounts Management (Adjustments) with a Form 3465 , Adjustment Request, and void the notice.