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CO online Form 8832: What You Should Know

However, if all shareholders of the LLC file a “1‖ election to not have their LLC taxed under Section 351 of the Tax Code, then there is no ‐1‖ election required. Form 8832 (Rev. 1) — IRS The Tax Reform Act of 1986 changed the tax treatment in certain circumstances of limited-liability companies. Form 8832 Election — U.S. Department of Treasury Form 8832 (Rev. 1) — IRS In general, if you have more than one LLC and each entity qualifies as a separate taxpayer, you are not required to file a Form 1120 (Statement of Organization) for each entity. Instead, you may file Form 8832 for each entity. This simplification applies to both domestic (U.S.) and foreign (subject to the rules described below) LCS. You must use Form 8832 to make and file an election to classify your LLC in one of the following two tax classes. Domestic LCS The Form 8832 Election can be used to change the taxpayer's classification from a C-Corp to S Corporation by notifying the IRS prior to the end of the year. To use Form 8832 to change the classification of your LLC, be sure to complete Form 8832 by the filing deadline to change the category of income your LLC will be taxed under in the current tax year. For example, you do not have to file Form 8955 if you use Form 8832 to reclassify its income for one or more years in the current tax year. Foreign LCS For purposes of determining whether your LLC qualifies as a C-Corp, you should contact the IRS to determine how your LLC is classified in your country. If your LLC is not classified as an S Corporation, you generally are not required to file a Form 8832, and no special instructions were required to file Form 8832. What is Form 8832? | LLC Tax Status Election — Incorporate.com When you form a limited liability company (LLC), it is automatically assigned a “default tax status unless you choose otherwise. However, if all shareholders of the LLC file a ‥1‬ election to not have their LLC taxed under Section 351 of the Tax Code, then there is no ‥1‬ election required. Form 8832 has a separate classification and filing requirement for the C-Corp versus the S Corporation.

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