Filling out IRS Form 8832: An Easy-to-Follow Guide
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- เผยแพร่เมื่อ 11 ก.ค. 2024
- We show you everything you need to know to fill out IRS Form 8832. IRS Form 8832 is used by certain companies to elect how they’d prefer to be classified for federal tax purposes. Not filling out this form means that the IRS will treat the business according to the default tax status for its entity type. There’s a lot to unpack there, which is why we created this video. For our complete guide visit: bit.ly/32CJaN0
Our video covers:
Business information (0:58)
Filing deadlines (1:51)
Part 1: Election information (3:10)
Item 1 (3:15)
Item 2A (3:46)
Item 2B (4:13)
Item 3-5 (4:40)
Item 6 (6:00)
Item 7 (6:19)
Item 8 (6:23)
Item 9 (6:49)
Item 10 (7:14)
Part 2: Late election relief (7:46)
In this video, we provide a basic overview of filling out IRS Form 8832. This video is not intended to provide legal advice or to form a professional relationship. We suggest contacting a business lawyer for advice specific to your circumstances.
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This was very helpful!! Thank you!!
Thank you so much !
Thank you! I was stuck on Line 5.
I really appreciate this info and your explanation of everything. It is great!
At the 3:44 mark, after checking the box "Initial classification " (1a) it appears the form instructs us to skip line 2a but it appears it was filled out. Can you or someone clarify whether it is required to check "No." for question 2a after select 1a?
Sorry if my question is confusing. 😳😳
great job
Thank you :)
thanks!
Thx!
That was very well done, thanks Brianca!
My wife and I live in a community property state and want to file as a Single Member LLC and Disregarded Entity for our rental house.
Is it OK per Rev. Proc. 2002-69? How do we file for a conversion from the IRS default Partnership entity to a Single Member LLC disregarded entity?
thank you for your video. we have recently opened 2mbr LLC and got EIN (even there is no banking account yet) , but now we have to change our structure to C-Corp. which box should we check in Part 1, #1 - a or b? thank you.
Thank you for the all the information. Super useful! I have one question though....
An entity was formed 2 years ago and failed to fill the form 8832 on time. Now, the last owner is filling in the form but in the meantime the entity changed owner, should the current owner sign in the form too?
Great video ! Thank you for your time. I have a quick question. I formed my LLC with 2 members and it was classified as a partnership (1065). This year, one owner left the llc and now it's only 1 owner and i would like to convert it to a Corp. On Part 1 of the form 8832 would be a? Since it was classified when formed i got confused....if it's a or b...Thank you again
Thank you. How is the operating agreement now affected once you elect to be a C Corp? Is it now void?
Do we have to attached the members identifications because how would they know if the signature is the only info that the IRS has from the members ?
So should Form 8831 and Form 2553 become completed for S-Corp or just 2553?
Ok so my business was created in 2014 as a LLC with one owner I now what to change to a Scorp. Am I filling out #3 and 4 and what am i selection for question 6? And I also am amending 2017 and 2018 taxes so should I put my effective date for 2017?
What if the Entity is already LLC and now I would like to change it to corporation 3:20 which option need to check on?
Is this also the form to use for going from sole proprietor to forming an LLC ?
I currently have a EIN# as a sole proprietorship, and recently incorporated my business as a LLC (same name, just add LLC at the end). Do I need to create a new EIN# or file a 8832 form with the IRS of the change?
Hi, if there is a process that I will get a Physical letter from IRS when I do the 8832?
anyone know where to mail 8832 to? If I live in Virginia but registered agent is in Florida does that
Make any difference on where to mail it?
My husband and I just formed an LLC and are in the process of buying a truck. He will drive and I will take care of paper work, working out of the home we own. Do we need to file this form? What is the benifit of it? Do you advise us to file as a partnership or a corperation? Which is better? Thank you
Does a newly formed LLC need to file an 8832? Or can it just file the 2553?
We just opened a new LLC 3/10/23. I am confused as to which form we should fill out to become an s corp. 2 forms are mentioned 2553 and this form 8832. They both sound similar and I am unsure which to file. Could you please explain.
So I don't need to fill out this form if I am revoking s Corp status to be taxed as a llc
Since this is for a newly-formed LLC that has had no income and there is no tax return in which to file with form 8832, can I just submit Form 8832?
Does filling out a 8832 change the LLC? Or it stays the same after filling out this form, I am the only owner of my business
whats a reasonable cause that would allow me to qualify for relief ??
Hi, there. What about if we have a LLC and we want to change it to S Corp. For taxes purposes, what form i need to use?
Form 2553
My husband and I formed a Texas LLC on may 29, 2019 but have not yet filed form 8832 to be treated as a c corp, is it better to make the effective date of the form Dec 1, 2019 (75 days from today) or jan 1, 2020. We have not done any business under the entity yet.
The date you choose must be no more than 75 days prior to the date on which you file and no more than 12 months later than the date you file. You can read more in our article: www.fundera.com/blog/form-8832 and if you're looking for legal advice, you should contact a business attorney. Hope that helps! Good luck!
If march 5 2019 was my file date for my inc. Do i still need to do form 8832 with form 2553 to be taxed as an scorp? Being that its march 2020 i am considered late correct.
Hey Trakouri, we would recommend speaking with a CPA or other kind of tax professional. We would also recommend visiting the IRS page for information on form 8832: www.irs.gov/forms-pubs/about-form-8832
If filling an LLC to operate as an S Corp (for payroll and tax purposes) do we do both 8832 and 2553? How do you determine which form needs done?
If an LLC that is eligible to elect S-Corp status timely files an S-corp election (Form 2553), the entity is considered to have elected to be taxed as a corporation. This means that the entity does not have to file Form 8832 if it timely and properly elects S-corp status.
Thank you for the very useful video. I have an LLC with three members. Two members are not US citizens and living outside of US. What type of entity do I have to choose? Thank you so much for your time.
You can keep an LLC even if you have non-US citizens as members. You can also have a C-corp. However, an S-corp does not allow nonresident aliens to be shareholders.
@@FunderaLedger Thank you for your answer!
In this case, can I choose A domestic eligible entity electing to be classified as a partnership?
Also, I am wondering if we can change the type of entity to an S-corp later.
I really appreciate your answer. Thank you.
@@deukyuntube you can have an LLC partnership with nonresident alien members. You can only change to an S-Corp if the nonresident alien becomes a resident alien.
@@FunderaLedger Thank you always. I am sorry that I am asking too many questions.
1) I want to double-check I can select "A domestic eligible entity electing to be classified as a partnership" for now, correct?
2) Will I be eligible to change to an S-Corp anytime if the nonresident alien becomes a resident alien, or do I have to wait 60 months after I elect my business as a partnership.
I really appreciate your kind answers.
❤
Do I need 8832 if I am electing to S-corp from LLC? Thanks.
the form is Form 2553
Is this Form 8832 only for LLC to C-Corp? I’m currently Single Member LLC. I wish to change my tax for 2019 from LLC to S-Corp. Does this mean I need to fill out both 8832 and 2553, effective Jan 1st, 2019? Thx
Same question here. Hope someone can answer
Ryan Zhang. Only Form 2553 needs to be filled out. Please be sure to answer section “I” of the Form 2553.
What if we missed the 75 day mark after an LLC has formed. Would I still check the late classification relief?
Did you ever get an answer to your question? I was trying to figure that out also. I'm like at 90 days now. I'm not sure whether to proceed with the late classification and providing a reason or if I can just fill it out regularly.
New businesses
What if a person started an llc last may 19 but wants to file as an scorp. Do they still need to do form 8832 along with 2553 or just file form 2553
Form 2553
@@NismoTorq thank you for the reply
Can this form be used for an s corp too?
Im sure its for creating a holding company structure or (parent company) which has tax benefits. For S-Corp you need Form 2553
I have a question
I wish you would have explained all the entities
Is there anything we can try and answer for you?
@@FunderaLedger Do I need to apply for a new EIN if I change from soleprietor LLC to SCorp LLC?
@@FunderaLedger Do I need to apply for a new EIN from soleproprietor LLC to SCorp LLC?
@@thejismeisfamily9654 Thanks for the question! If the ownership structure of your business changes then you need a new EIN. Otherwise you can keep your old EIN.
Hy
Wasn't told about thic