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FAQ

I formed an LLC for my side business on Amazon. I am not planning to take salary for myself from this company. Do I need to file form 2553 or 8832 with the IRS? If so what are the benefits of filing?
Filing the 8332 would tax you as a corporation and the 2553 would make it a Subchapter S Corporation. S Corps are generally taxes as flow through entities with one level of tax just like not making the election. They can be complex with numerous filing requirements. However the one thing you could do with an S corp is pay yourself a salary subject to withholding if you wanted to avoid estimated taxed
As a single member LLC, I elected for the S-corp tax classification status a few years ago. Now, I added a family member as a 25% member in the LLC. Do I need to file a Form 2553 again with the IRS for the S-corp election?
No. The S corp stays an S corp until you either terminate the election or the election becomes invalid because an ineligible shareholder was admitted.Bear in mind that the S corp can have only one class of stock. So any distributions it makes to you, it must also make a proportionate distribution to the new shareholder.If the family member did not pay fair value to get the 25% interest, he/she must pick up income for the fair value of the stock received, or it is a gift which may require you to file a gift tax return depending on value.
Who is the best Jazz Fusion artist in history; who would you instruct someone to listen to as the best example of the art form?
Miles Davis, far and away. Too many fusion players forget to feel the funk. Between 1968 and 1975, Miles was unbelievably funky.http://www.ethanhein.com/wp/2009...My runner-up is Herbie Hancock. Another musician who, at his best, makes sure that all the chops and technology are in the service of groove.http://www.ethanhein.com/wp/2009...
Should a DE C-Corp startup file form 2553 (Election by a Small Business Corporation) to be treated as an S Corporation to save on double taxation?
Since there is more than one of you it seems that this is a question for your CPA who actually knows the individual tax situations of both/all of the owners to make a more informed recommendation that asking on social media.Being a CPA the best advice I can give you is ask your own CPA. Now however if you need a frontal lobotomy I do have an opening Wednesday at 1 pm. However, You have to bring your own anesthetic as I am low on single malts.