Check-the-Box Rules: Overview

Summary

This practice note discusses the check-the-box (CTB) rules. It discusses key questions under the CTB rules, such as whether an entity exists for U.S. federal income tax purposes; whether the organization is a business entity or a trust; whether an entity is eligible; and, if the entity is eligible under the CTB, what the default classification is. This practice note will also review certain procedures with respect to initial and late filings and conclude with a discussion of U.S. planning considerations for CTB elections.