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FAQ

Can I get rid of my S. Corp election and revert to an LLC (disregarded entity) and still keep my EIN?
No. You will need to file a final S Corp return and apply for a new EIN for the LLC.
Can I revert from an S-corp back to an LLC and make it retroactive by one year? I am regretting my decision to switch to and S-Corp for this year and would like to file as an LLC again this year, as I have in past years.
Retroactive revocation of an S election is not allowed. The only way would be if for some reason you had an involuntary revocation. That would mean you did something a year ago to revoke your election, such as issuing a second class of stock, adding a non-resident alien as a stockholder or adding more than 100 stockholders to your S Corp.To revoke an election, you simply write a letter to the IRS requesting revocation. Mail it to the address where the S Corp mails its tax returns. There is no special form.The owners of more than 50% of the outstanding stock must sign the revocation letter. I guessing from the question, there is one owner. Once you revoke an S election the LLC cannot make an election to go back to S status for 5 years.Also you should note that revoking an S election does not take you back to being an LLC. Concurrent with the letter revoking the S election, you must file a Form 8832 to elect to go back to being taxed as a disregarded entity or partnership for multi member LLC. If you don’t file the 8832, the LLC is taxed as a corporation going forward.
How can I convert an S-corp into an LLC?
It really depends on whether the state in which you are incorporated has a statutory provision that allows for conversion of a corporation into an LLC.  If there is such a statutory provision, then it will likely only be a simple matter of filing a certificate with the Secretary of State and making appropriate filings with the IRS (e.g., prepare the 1120S and Schedule E for the period of the year that you were an S-corp and then the remainder of your business income on a Schedule C - DISCLAIMER:  I am not a CPA or tax specialist attorney - so I could have that wrong).  If there is no conversion statute, then you would have to form a separate LLC and figure out the most tax efficient way to transfer all of your S-corp's assets and liabilities to it.  This would be substantially less convenient and more expensive.Having said all that, and despite not knowing all the details of the situation, I'd say that you're probably better off remaining an S-corp.  For one, you never know whether in the future you might need to become a C-corp and it would be much simpler to accomplish that if you remain an S-Corp.  Second, I don't really think you'll save that much money and inconvenience on compliance matters if you switch to an LLC (you'll save a little on tax prep, but also somewhat increase your audit risk by becoming a Schedule C filer).  Third, doing either a statutory conversion or an asset transfer could trigger assignment/"change of control" provisions in things like your business lease, line of credit and other major contracts, which would require that you go out and get consents from all your counter-parties so that you don't breach those contracts.  Also, you may have to get new bank accounts and corporate credit cards.Finally, (again, I am not a CPA) but if your business has appreciated in value since the time that it was incorporated, you'll likely have to pay capital gains tax on such appreciation, because your conversion to an LLC will probably be treated as a liquidation of the corporation.  Taking into account all of that, you should probably consider remaining as an S-corp and leaving well enough alone.
Is it easy to convert an S-Corp to an LLC (one member)?
First you need to know what the underlying legal entity for your S-Corporation is.For many S-Corporations today the underlying legal entity is already an LLC. If that is the case, conversion is relatively easy in that you just have to revoke the S election and then file a Form 8832, Entity Classification Election to elect to have the entity go back to being taxed as a pass-through LLC (disregarded entity). Note that NY is one of the few states that requires a separate state level election in addition to the federal election.Although revoking may not be without tax consequences if the S corp has any appreciated assets or unrealized gains in it.If the underlying legal entity is a C-corporation, then you can't really convert because NY does not allow conversion. NOTE some states do. You will most likely need to set up a new LLC and then transfer ownership of the C-Corp to the LLC, revoke the S election and dissolve the C-Corp.I suggest you speak with a tax professional before doing any of the above.;"";""