Form 2553 or 8832 | LLC, S Corp, Partnership, C Corp Tax Elections

Do you need to File Form 2553 or File Form 8832 with the IRS to change your LLC or Corporation's default tax treatment to an S Corporation, Partnership or C Corporation?

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#2553 #8832 #entrepreneur

[JorgeOvalles]

increible que facil y bien lo explicas, este diagrama deberia estar pegado en las oficinas del IRS y las estatales

[tee-dee]

Thanks for this. Best explanation I have found so far! If the gov docs included the chart you have there, our lives would be much less miserable understanding the processes.

[Skookumchuck]

I love your chart showing legal entity types and the related tax types - well done!

[Bakul-Soman]

Excellent graphic, and very clear explanation! Well done!

[nigerianbuttafly]

Thank you. You made the information easy and straight to the point.

[yanamiakshyla]

Thank you for this clear explanation! Finally!!

[woogadog]

Thanks for the tip, I thought I needed to file form 8832 along with the 2553, looks like as a SMLLC I only need 2553 to be S-Corp tax eligible, thank you

[ginalugo-jibz]

Thank God someone that breaks it down in such as way to understand :) <3

[mikevee]

@NaviMarajCPA For starters, I have a single member LLC and is by default, is recognized as a sole prop. At the federal level ( I confirmed this with the IRS) I filed Form 2553 to elect to be taxed as an S corporation. However, after a follow-up call with the IRS, I was informed that I the steps I should have taken are file Form 8832 along with the 2553 and some supporting documents (article of organization etc.).

I’ve since confirmed with another IRS representative that I do indeed need to file both forms (8832 and 2553) again, with the necessary documentation (per the rep. It doesn’t hurt to add documentation from my state corporation commission). Before I proceed, I wanted to reach out to see if you could confirm that this is the correct process for electing to be taxed as an S corporation? Or, If I should just let more time pass for the form 2553 that I already filled out and submitted, to take effect? FYI I filled out form 2553 according to the video you made on filing a late 2553. Thanks for your vids btw!

[JAYMADETV]

I am 100% owner and I am a single member LLC of my business. What is best combination that helps you with being taxed in the long run?

[lanexang]

switching from Single member llC to multi member and tax as S corp, do you need to file 8832 first, check off tax corp, and then 2553 to tax as S corp ?
Thanks

[LandandTreeLLC]

I have been a SMLLC for 5 years but recently changed to a MMLLC. I already filed paperwork with the state for the change. I want to do 2 things. 1.) Tell the IRS that I have added a new member. 2.) Elect to be treated as an S-corp. How do I do that? I am finding I also need a new EIN so what is the procedure to make all the changes?

[gumballdegree]

Can you create a video explaining hau to use form 8832 to switch your company away from s Corp and back into what it was originally as an LLC single member?

[Bigorok]

I have parnetship 1065 can l file as c or s corporation?

[jus-a-minute]

hello sir, i have created llc from bizee, and now creating a sellers account on ecommerce platforms but they asking in which category my llc lies and the options:

llc s-corp
llc c-corp
s-corp
c-corp
partnership

what should i choose ? i have single member basic llc from bizee,

pls help and reply thankyou

[johngreg]

If we have elected to have our LLC taxed as a C-Corp or S -Corp, and want to restore it to the default (sole prop.) tax status, which form should we use?

[tking]

how do you separate your personal and business tax

[michaelher]

Ok so what legal entity and tax classification do I use if I own my own auto shop and filling out the form 8832 for the first time. I am only one member which is myself doing the business with no partners.

[jr-nava]

Do you have to file yearly to keep your same tax classification that you want

[AmandaGarcia-eo]

I currently have an EIN that is registered as Sole Proprietorship. I am changing to a single member LLC. Do I need a new EIN number. I have called the IRS twice and they told me I need to fill out a 8832. Can you tell me what I need to do