Form Entity Classification Election OMB No. 1545-1516 Rev. December 2013 Department of the Treasury Internal Revenue Service Information about Form 8832 and its instructions is at www.irs.gov/form8832. R.B. 1030 or its successor. If the IRS questions whether Form 8832 was filed an acceptable proof of filing is A certified or registered mail receipt timely postmarked from the U.S. Postal Service or its equivalent from a designated private Form 8832 with an accepted stamp date or An IRS letter...stating that Form 8832 has been accepted. Page 6 Specific Instructions Name. An indirect owner of the electing entity does not have to attach a copy of the Form 8832 to its tax return if an entity in which it has an interest is already filing a copy attach a copy of Form 8832 will not invalidate an otherwise valid election but penalties may be assessed against persons who are required to but do not attach Form 8832. 01 of Revenue Procedure 2009-41 have been satisfied. Page 4 General Instructions...Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Form 8832 and its instructions such as legislation enacted after they were published go to www.irs.gov/form8832. The IRS will use the information entered on this form to establish the entity s filing and reporting requirements for federal tax purposes. Note. An entity must file Form 2553 if making an election under section 1362 a to be an S...corporation TIP Form 8832 if it will be using its default classification see Default Rules below. For details on the requirement to attach a copy of Form 8832 see Rev. Proc. 2009-41 and the instructions under Where To File. 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. See Who Must File below. The IRS will use the information entered on this form to establish the...entity s filing and reporting requirements for federal tax purposes. For more information see Late Election Relief later. File Form 8832 with the Internal Revenue Service Center for your state listed later. Employer identification number Name of eligible entity making election Type or Print Number street and room or suite no. If a P. O. box see instructions. Check if Part I City or town state and ZIP code. If a foreign address enter city province or state postal code and country. Follow the...country s practice for entering the postal code. Address change Late classification relief sought under Revenue Procedure 2009-41 Relief for a late change of entity classification election sought under Revenue Procedure 2010-32 Election Information Type of election see instructions a b 2a Initial classification by a newly-formed entity. Skip lines 2a and 2b and go to line 3. Change in current classification* Go to line 2a* Has the eligible entity previously filed an entity election that had an...effective date within the last 60 months Yes.
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Instructions and Help about IRS 8832
How to edit IRS 8832
How to fill out IRS 8832
Instructions and Help about IRS 8832
How to edit IRS 8832
Edit IRS 8832 by ensuring all required information is accurate and up to date. Use pdfFiller to streamline document alterations, such as adding signatures or correcting data before submission. Always double-check entries to prevent delays in processing.
How to fill out IRS 8832
Fill out IRS 8832 by carefully providing the necessary information on business entity classification. Collect data like the entity’s name, address, and Taxpayer Identification Number (TIN). Follow the specific instructions detailed in the form's guidelines to ensure completion is proper.
Latest updates to IRS 8832
Latest updates to IRS 8832
Check for the latest updates to IRS 8832 by visiting the IRS official website. Recent changes may include updates on eligibility criteria or filing procedures. Staying informed ensures compliance with current tax regulations.
All You Need to Know About IRS 8832
What is IRS 8832?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
All You Need to Know About IRS 8832
What is IRS 8832?
IRS 8832 is the form titled "Entity Classification Election." This form enables eligible domestic eligible entities to elect how they will be classified for federal tax purposes. Choices include being treated as a corporation or partnership, significantly impacting tax liabilities.
What is the purpose of this form?
The purpose of IRS 8832 is to allow certain business entities to change their tax status. By submitting this election, businesses can select the most beneficial tax treatment, which could lead to reduced tax burdens or simplified filing requirements. It is crucial for businesses that seek flexibility in their tax status.
Who needs the form?
Entities that need to file IRS 8832 include limited liability companies (LLCs), partnerships, and certain corporations seeking to change their classification. Businesses must evaluate their structures and tax implications to determine eligibility for submitting this form.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 8832 if your entity is already classified as a corporation under IRS rules or if you are a single-member LLC that defaults to being treated as a disregarded entity. Additionally, if you qualify for an automatic classification based on your structure, submission of this form is not necessary.
Components of the form
IRS 8832 contains several key components, including general information about the entity, the election being made, and the effective date of the classification. It is essential to complete all sections accurately to avoid administrative issues or delays in classification approval.
What are the penalties for not issuing the form?
The penalties for not issuing IRS 8832 could include potential misclassification of the entity, leading to overpayment of taxes or other negative tax implications. Incorrect classifications could also result in additional fines and interest on unpaid taxes, making timely submission critical.
What information do you need when you file the form?
When filing IRS 8832, you need the following information: the name and address of the entity, the TIN, the type of election being made, and the effective date of the election. Collecting this information beforehand will facilitate a smoother filing process.
Is the form accompanied by other forms?
IRS 8832 may be accompanied by other forms depending on the specific circumstances of the filing entity. For example, if the entity also has employees, it may need to file employment-related tax forms simultaneously. It's critical to read the instructions carefully to determine if additional forms are necessary.
Where do I send the form?
Send IRS 8832 to the appropriate address specified in the form’s instructions based on your location. Ensure to verify any updates on submission addresses on the IRS website before sending to avoid misdelivery.
FAQ about IRS 8832
What should I do if I realize I made a mistake on my submitted IRS 8832?
If you discover an error after submitting your IRS 8832, you can file an amended form to correct the mistake. It’s important to act promptly and clearly indicate the changes made. Make sure to retain records of the original submission and the correction process for your files.
How can I track the status of my IRS 8832 after submission?
To track the status of your IRS 8832, you can use the IRS 'Where's My Refund?' tool if you filed electronically, or contact the IRS directly for paper submissions. Have your details ready, such as the date of submission and your taxpayer identification number, to assist in the tracking process.
Are e-signatures accepted for the IRS 8832?
Yes, e-signatures are generally accepted for the IRS 8832 if you are filing electronically. Ensure that your e-signature method complies with IRS guidelines for electronic submissions to maintain the integrity and acceptance of your form.
What common mistakes should I avoid when submitting my IRS 8832?
Common mistakes when filling out the IRS 8832 include providing incorrect entity information, failing to sign the form, and not including all necessary attachments. Double-check all entries and ensure compliance with IRS instructions to minimize the risk of rejection.
What should I do if the IRS rejects my IRS 8832 submission?
If your IRS 8832 submission is rejected, carefully review the rejection code provided, as it will indicate the issue. Correct any errors and resubmit the form as soon as possible to avoid delays in processing your request.
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