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8752 Form: What You Should Know

Form 8752 is a document that the partners and shareholder(s) of a Section 1373 S corporation file with the IRS every year. Under section 1373, if the partnership or S corporation makes a tax payment, the partners and shareholder(s) may be required to pay an amount, known as a required payment, or a refund of net prior year payments and distributions to the partnership or S corporation. This section 1373 payment will be deducted from the partners or shareholder's share of taxes, rather than being paid directly. If an amount is due under section 7519, the partners and shareholder(s) will be required to file forms and pay a return. The partners and shareholder(s) must then file a return and pay on that return; however, they must get permission from the IRS to pay. How Are the Form 8, 875 & 8752 Forms Related? Forms 8751, 8752 and 8751-A were issued for fiscal year 2017, 2023 Form 875-B was issued for Fiscal Year 2018, 2023 Form 875-C was issued for Fiscal Year 2019, 2023 Form 875-D was issued for Fiscal Year 2020, 2023 Form 990-G&A was released for fiscal year 2017. Why are Form 8751-A and Form 875-A being included/excluded in the 2023 Schedule E? The new and revised schedules that the IRS has released for tax years 2023 (10% rate), 2023 (20% rate), 2023 (25% rate) and 2023 (30% rate), and for 2023 and 2018, will have the new definitions. These new schedules will take effect January 1, 2019. Please note: Forms 8751 is a Schedule C and a Schedule F, and the new 2023 schedules have included the Form 875-A for all years 2023 (10% rate), 2023 (20% rate), 2023 (25% rate), and 2023 (30% rate). So the Form 8751-A Form will now be included only on Schedule C. You can use the Form 8751-R or the Form 706B from the Form 8751-A to report on the Schedule E of the new 2023 schedules. The 2023 Form 8751-B had been on the Form 945 since it was released in August 2017. You can use or exclude the Form 8751-B for any year ending in 2017.

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