IR***.gov) : About Form 8832, Entity Classification Election
Mar 9, 2023 — An eligible entity uses Form 8832 to elect how it will be classified for federal tax purposes, as: A corporation. A partnership.
IR***.gov) : Form 8832 (Rev. December 2013)
An entity that elects to be classified as a corporation by filing Form 8832 can make another election to change its classification (see the 60-month limitation.
Pe***e also ask : What is a Form 8832 used for?
Tax form 8832 is typically used by partnerships or Limited Liability (LLCs) to choose or change their tax classification. In technical terms, Form 8832 lets taxpayers elect to classify or reclassify their entity structure from one type to another.
Pe***e also ask : Why would an LLC file an 8832?
The Form 8832 is also filed to change the LLC's entity classification. Thus, an LLC that has been treated as a partnership for several years may be able to prospectively change its classification to be treated as a corporation by filing Form 8832.
Pe***e also ask : Should I file Form 8832 for my LLC?
If you don't use Form 8832 to make an election, the IRS will tax you based on your default entity classification, and you could end up paying more than you need to. By making the proper election, however, you may be able to save thousands of dollars every year. This can also help protect your personal finances.