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Should Late Election Relief under IRS Form 8832 still be sought if the entityis only making an initial classification, and not a change in the currentclassification?
An 8832 Form is only needed if the entity does not wish to accept the defaultclassification as follows Single Owner LLCDisregarded Entity MultiOwner LLCPartnership CorporationC Corporation although as a general rule S corporation is the only other option for a new Corporation and you make that election on Form 2553 and do NOT file an 8832 If the entity wishes to be something other than the above default taxclassification then you have 2 12 months from the date of formation to makethe election. If you did not make your election within that 2.5 month window then you willhave to seek relief for the late election.
Can a single-member LLC (by default, a disregarded entity) elect to be taxedas a corporation via IRS Form 8832?
Yes a singlemember LLC may elect to be taxed as a corporaiton by filing Form8832. Quoting the last sentence of the first paragraph on the IRS page at SingleMember Limited Liability Companies And an LLC with only one member is treated as an entity disregarded asseparate from its owner for income tax purposes but as a separate entity forpurposes of employment tax and certain excise taxes unless it files Form8832 and affirmatively elects to be treated as a corporation.This answer is not a substitute for professional legal advice....
Tax Law: May a single member LLC use Form 1065 and Schedule K-1 instead ofSchedule C?
No you cannot file a singlemember LLC as a partnership. The only option thatyou have in this case is to make an election to be treated as a associationtaxable as a corporation by filing Form 8832 and then you can elect to betreated as either an Scorporation by also filing Form 2553. See LimitedLiability Company LLC on the IRS Web site.
I formed an LLC for my side business on Amazon. I am not planning to takesalary for myself from this company. Do I need to file form 2553 or 8832 withthe IRS? If so what are the benefits of filing?
Filing the 8332 would tax you as a corporation and the 2553 would make it aSubchapter S Corporation. S Corps are generally taxes as flow through entitieswith one level of tax just like not making the election. They can be complexwith numerous filing requirements. However the one thing you could do with anS corp is pay yourself a salary subject to withholding if you wanted to avoidestimated taxed
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