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Except as otherwise provided in this section, a partnership, S corporation, or personal service corporation may elect to have a taxable year other than the required taxable year.
Section 301.91002 provides auto- matic extensions of time for making regulatory and statutory elections when the deadline for making the elec- tion is the due date of the return or the due date of the return including exten- sions.
A tax year for which a IRC 444 election is in effect is referred to as an applicable election year. The required payment is intended to represent the value of the tax deferral that the owners of the partnership or S corporation receive through the use of a tax year other than the required tax year.
File Form 1128 to request a change in tax year.
A back-up IRC 444 election may be made by a partnership, S corporation, or PSC that has requested or is planning to request permission to use a tax year based on a business purpose.

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The section 444 election will end if the partnership or S corporation is penalized for willfully failing to make the required payments. File Form 8716 with the Internal Revenue Service Center at the applicable address shown below.