Great timing on this subject Tom! I have a client that has S corp and is wanting to go to C. I suggested going to disregarded entity. We are supposed to discuss next week.
I'm having trouble finding definitive guidance- for an LLC that only filed a Form 2553 and not an 8832 that now wishes to revoke the election to revert to disregarded entity status- is revoking the 2553 enough? Or does the 8832 need to be explicitly revoked (even if never directly filed) to avoid C Corp tax treatment on revocation?
Great topic & explanation. I am currently dealing with an LLC that was formed several years ago & now wishes to get S Corp status. My research indicates that Forms 8832 & 2553 are required in this case. I'd love to hear your opinion
Great timing on this subject Tom! I have a client that has S corp and is wanting to go to C. I suggested going to disregarded entity. We are supposed to discuss next week.
I'm having trouble finding definitive guidance- for an LLC that only filed a Form 2553 and not an 8832 that now wishes to revoke the election to revert to disregarded entity status- is revoking the 2553 enough? Or does the 8832 need to be explicitly revoked (even if never directly filed) to avoid C Corp tax treatment on revocation?
Excellent Subject - as always.
Great topic & explanation. I am currently dealing with an LLC that was formed several years ago & now wishes to get S Corp status. My research indicates that Forms 8832 & 2553 are required in this case. I'd love to hear your opinion
The last example was confusing. I guess I'll reread.