Form 14 (EFO00166) Water's-Edge Election and Consent Form - Idaho

What Is Form 14 (EFO00166)?

This is a legal form that was released by the Idaho State Tax Commission - a government authority operating within Idaho. As of today, no separate filing guidelines for the form are provided by the issuing department.

FAQ

Q: What is Form 14 (EFO00166)?A: Form 14 (EFO00166) is the Water's-Edge Election and Consent Form specific to Idaho.

Q: What is a Water's-Edge Election?A: A Water's-Edge Election is a choice made by a corporation to limit its taxable income to only the income earned within the United States, specifically excluding income earned outside of the country.

Q: Why would a corporation make a Water's-Edge Election?A: A corporation may choose to make a Water's-Edge Election to reduce its overall tax liability by excluding income earned outside of the United States.

Q: What is the purpose of the Consent Form?A: The Consent Form is used to obtain consent from all qualified members of a corporation to make a Water's-Edge Election.

Q: Who needs to complete Form 14 (EFO00166)?A: The corporation and all qualified members need to complete Form 14 (EFO00166) if they intend to make a Water's-Edge Election in Idaho.

Q: Are there any deadlines for submitting Form 14 (EFO00166)?A: Yes, the completed form must be submitted by the original due date of the corporation's tax return for the taxable year in which the Water's-Edge Election is requested.

Q: What happens if Form 14 (EFO00166) is not submitted on time?A: Failure to timely submit Form 14 (EFO00166) may result in the denial of the Water's-Edge Election for the relevant tax year.

Q: Can a corporation change its Water's-Edge Election status?A: Yes, a corporation may make or revoke a Water's-Edge Election in a subsequent taxable year by filing the appropriate forms and following the necessary procedures.

Q: Is making a Water's-Edge Election always beneficial?A: The decision to make a Water's-Edge Election should be carefully evaluated, as it may affect the corporation's overall tax position and obligations. Consulting with a tax professional is recommended.