IRS Form 8832 walkthrough (Entity Classification Election)

An eligible entity uses Form 8832 to elect how it will be classified for federal tax purposes, as a corporation, a partnership, or an entity disregarded as separate from its owner.

An eligible entity is classified for federal tax purposes under the default rules
described below unless it files Form 8832 or Form 2553, Election by a Small Business Corporation.

Below are links to resources we've created on IRS Form 2553:

IRS Form 2553, Election by Small Business Corporation

[rcthomas]

Thank you I am LLC sole owner. I chose 1 a 3 no and 4 my name and ein...on my form. Thank you for your helop.

[MS-xikx]

Hey quick question - I created an LLC this year with the state, and when I registered my EIN, I selected Corp, thinking I would fill out form 2553 for S Corp election. I never did - so now Im still a c-corp. If I fill this form out (8832) - I'm assuming I can go to either LLC or S-Corp? Let's say I elect LLC - once I make that change does the 60 month rule kick in where I have to keep the new election for 60 months?

[Breeze]

Hi, I have an llc with my wife and I both being the owner of the llc. In this case, which option do I have to choose for number 6 in order to have the limited liability option?
I initially thought it was going to be b for 6, but when I googled partnership and it seemed like partnership had unlimited liability.

[guruliirakli]

Thank you for video! very helpful. We do not have EIN yet, can we file this form without it ? thank you in advance

[falaksikander]

I formed my single member llc last January. Should I choose form 8832? or what? last time I couldn't fill out form. As I had a zero business earnings even I didn't started my LLC properly at that time. So what should I do now?

[techrated]

If i elected a partnership with the IRS but a single owner llc with the state. I need it to be a single owner LLC. Is this the form i file with the IRS to change it single owner LLC and can i keep my EIN?

[lishkaklein]

what does "disregarded as separate" mean please?

[shaolinrat]

Great video thanks! I was wondering if I would be able to use this form to revert back to being a partnership? I mistakenly filed Form 2553 to be elected as an S corp :(

[nativerocker]

Single Member LLC who newly established business in August finds out in December that for tax purposes it is disregarded as it's own entity by default and subject to pass through taxation. I would like to file my LLC as a C Corporation, but it has been over 75 days since LLC was created. What date would I use for effective date for this to be applied to my first fiscal tax year and would I need to fill out the late section of this form?

[michaelher]

Hello can you help me with some decisions. I'm trying to fill out the 8832 for my friend who has a EIN# and want to open a auto shop called CV Auto Shop. He is filling out this form for the 1st time. I'm not sure which type of entity to choose from Part 1 of the application when he is the only owner of the auto shop. Not too sure if I understand you correctly on the election effective date on Part 1, #8. For the signature in Part 1, since he is the only owner, I just have him sign it and for Title part do I put him as the CEO or Management member?

[TheGoodVibes-Channel]

Hello,
My SMLLC Fon non us resident is by default a sole proprietor by IRS, which means there is no protection.
I wanted to be taxed as disregarded entity separated from the owner to get that protection.
Should I fill 8832 myself or I need someone to do it for me?

[naicalhoun]

I’m still stuck on this form.

I’m trying to elect my entity as a partnership because I added my son as a member two months after filing my new business.

Do I need to fill out part 2 late election relief? Do I need to check the late election box at the top of form?

[LilySmith-go]

Hi, if there is a process that I will get a Physical letter from IRS when I do the 8832?

[rmkadish]

My multimember LLC is becoming a single member LLC. This conversion will take place in alignment with the tax year, so no partial year tax returns will be required. The multimember LLC has been taxed by default as a partnership. I want the single member LLC to be taxed by default as a disregarded entity. Do I need to file form 8832, even if both entities will have the default tax status?