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NY Form 8832: What You Should Know

The limitation period may be 60 months in New York City — New York City Department of Taxation and Finance Sep 16, 2023 — An eligible entity that uses Form 8832 to elect to be a corporation by filing Form 8832 will make a second election to change its classification in  The following is a list of New York tax advantages that might apply to your LLC or other entity: If the LLC or other qualifying legal unit is a corporation and does not qualify for another state's income tax, then New York will assess no tax or refund the tax. See Tax Code § 1 If the LLC or other qualifying legal unit is a partnership but does not qualify for another state's income tax, then New York will assess no tax or refund the tax. See Tax Code §§ 1022(a)-(g). The partnership business income taxed in New York is limited to the amount of partnership income which is attributable to your LLC. It may not be tax or penalty free to: Change the entity classification of an LLC that was in existence before December 28, 2008. If you did not have to file Form 2553 with the Department of Taxation and Finance (i.e., the partnership business income was not attributable to your LLC at the start of the year) but are not sure, see your New York LLC agent for assistance. Change the entity classification of a partnership that was in existence before December 28, 2008. If you did not have to file Form 2553 with the Department of Taxation and Finance (i.e., the partnership income was attributable to your LLC at the start of the year) but are not sure, see your New York LLC agent for assistance. Use these tax benefits to the maximum extent permitted by law. Tax benefits are cumulative and apply to all taxable years through which a business is in existence. These tax benefits are not intended to be used to mitigate penalties arising from your failure to file a timely New York tax return. Tax Benefits of Entity Classification by the IRS Sep 15, 2023 — An eligible entity using Form 8832 to elect how it will be classified for federal tax purposes, as: An LLC. A partnership. A Subchapter S in New York, as described in Section 1250.

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