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Form 8832 Illinois: What You Should Know

Entity, or C-Corporation. Form 8832 FAQ — IRS What is S Corporation? What do I do if my business is taxed as a C Corporation? Where must I file my S corporation's Form 8802? — Desk Who can sign my S corporation's Form 8802? Must you be an individual or organization to file an S corporation's Form 8802? What is a C corporation? How do I report my S Corporation's assets and deductions on my Schedule C? What is a partnership? Can I use the business owners' election to be taxed as a partnership? Is it possible to be a C Corporation and a partnership? Include S Corporation income in the individual income tax return. Do not include S Corporation distributions in computing partners' dividends, capital gains, and adjusted basis in property. IRS Form 8802 instructions and FAQs for Individuals and Businesses How do I pay my taxes on Schedule B? File Schedule B and Form 8949, Part I of Schedule B if your business is taxed as a C corporation for federal tax purposes. File Form 8949, Part II if your business is taxed as a partnership for federal tax purposes. Find IRS mailing addresses by state to file Form 8949, Part I of Schedule B. Can I change my business classification? I am a partnership? Can I change my business classification to a C corporation? Change your business classification by filing Form 8949, Part II of Schedule B. Find IRS mailing addresses by state to file Form 8949, Part II of Schedule B. Change to Fictitious Business Number. Can I use my fictitious business number on Schedule B? What is the filing requirement? Business owners may file Form 8802 by filing one or more documents with the IRS with Form 8832, Document Exemption Notice to Change Taxable Status as a Corporation, or Form 8832, Form 8832: Election to Be Taxed as a Corporation, as applicable. It is the individual business owner's responsibility to prepare and file these documents. If the business owner can't prepare the documents, he or she must hire an accountant, the responsible agency of record, or a certified check or money order payable to the responsible agency of record. If the business owner cannot afford to hire an accountant or the responsible agency, he or she must use Form 8832, and Form 8832, Application for Change in Classification, as applicable.

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