Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 09-18-2017, 11:06 AM
Junior Member
 
Join Date: Sep 2017
Location: Ohio
Posts: 1
Question Form 8832

I received a letter from IRS stating we needed to file a form 8832 for change in status of organization from C Corporation to LLC. However the C Corporation was started in 2009, this is for tax year 2016 for the LLC.

It is asking if its a newly formed entity?
If the previous entity has an effective date within the last 60 months?
The prior entity an initial classification by a newly formed entity?


I am not sure what this is asking, I need your help...



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 09-19-2017, 04:35 AM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
1. It is asking if its a newly formed entity?=======>> An entity, which is eligible to make an election, is referred to as an eligible entity. Generally, a corp organized under U.S. federal or state statute (and referred to as a corp, body corp or body politic by that statute) is not an eligible entity. An entity that elects to be classified as a corporation by filing Form 8832 can make another election to change its classification, subject to the 60-month limitation rule.






If the previous entity has an effective date within the last 60 months?==========> Generally, an election specifying an eligible entity?s classification cannot take effect more than 75 days prior to the date the election is filed, nor can it take effect later than 12 months after the date the election is filed. An entity that elects to be classified as a corp by filing Form 8832 can make another election to change its classification, subject to the 60-month limitation rule.


The prior entity an initial classification by a newly formed entity?===========>> there is no deadline to file Form 8832. It can be filed anytime during a businesses' lifetime.
If a business wants to change its tax classification, the filing date is important! The change in tax status for the business is effective either:Up to 75 days before filing the form.Up to one year after filing the form.
If no date is entered, the filing date is the effective date.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Filing Requirements 8 05-05-2017 01:27 PM
Does form 8832/2553 got to be filed every year? pgtaxforum Limited Liability Company 4 02-13-2017 11:50 AM
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Miscellaneous 0 03-18-2015 04:02 PM
Do I have to mail in form 8453 for form 8949 if I already filed this info on schedules D E and form 8949? Cbarry Capital Gains 0 03-18-2015 04:00 PM
Time Frame to file 8832 sbronson Miscellaneous 1 01-31-2011 01:09 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.