What If The 'Section 645' Option Was Selected When Applying for EIN from IRS

What If The 'Section 645' Option Was Selected When Applying for EIN from IRS

To begin, the IRC § 645 election is irrevocable once made. This option is only for a qualified revocable trust (QRT) in order to defer the trust's income tax burden from one reporting year to another. If the trust is irrevocable a new EIN must be obtained.