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Old 09-18-2017, 11:06 AM
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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...



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Old 09-19-2017, 04:35 AM
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Join Date: Oct 2010
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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.



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