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Form 8832 Minneapolis Minnesota: What You Should Know
LLC) that elects to be taxed as a corporation will automatically be treated as a corporation. The entity, having tax + State Fees. Contact sales. Limited Liability Company (LLC) Tax Information Additional Tax Information for Small Business Owners. The Small Business and Cooperative Tax Relief Act of 1996, Pub. L. No. 104-191 (July 3, 1996), (42 U.S.C.S. § 61301 et seq.), requires that the Small Business Administration (SBA) determine the classification of a tax-exempt cooperative taxpayer that is organized and operated for the sole purpose of conducting a trade or business with its members and doing so on a non-profit basis. SBA does have specific statutory authority to classify certain tax-exempt and non-tax-exempt business organizations as non-profit organizations. The determination to classify a trade or business conducted for profit or a social welfare activity should be made by the organization's governing board or membership. If an organization has elected to be taxed as a corporation or if the organization has elected to be taxed as an S corporation, the organization must complete and file Form 8832 with the IRS in each year in which it earns income or expects to earn income and expect to make capital gain from the sale or exchange of property. The IRS may require that the filing be accompanied by additional information. You can read more about the filing requirements for tax-exempt organizations. The SBA's Corporation and Cooperative Activity Tax Guide provides more information regarding the tax status of tax-exempt organizations and how to file.
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