You can use Form 8832 to elect to be taxed as a C-Corp. If you want the LLC to be taxed as an S-Corp, see Form 2553. If your business is a corporation, then it is taxed as C-Corp by default.

What is an eligible entity for form 8832?

What type of business entities are eligible to file form 8832? Partnership and limited liability companies are the entities eligible. Along with some, foreign corporations and U.S. owned foreign corporations depending on the jurisdictions.

When should you file form 8832?

There is no formal deadline for filing Form 8832, but when you file it, it can have implications on when your new tax classification kicks in. For instance, your new classification cannot take effect more than 75 days prior to the date the election is filed or later than 12 months after filing, according to the IRS.

What do you need to know about Form 8832?

Information about Form 8832, Entity Classification Election, including recent updates, related forms, and instructions on how to file. Form 8832 is used by eligible entities to choose how they are classified for federal tax purposes. An eligible entity uses Form 8832 to elect how it will be classified for federal tax purposes, as: A corporation.

Can a single member LLC file Form 8832?

Form 2553 is for traditional corporations to elect S corporation status, specifically. Does a single member LLC need to file Form 8832? If you choose not to file Form 8832, the IRS will treat your single-member LLC as a disregarded entity and tax you as a sole proprietorship.

How is a disregarded entity treated on Form 8832?

Where a single owner foreign corporation, IBC or LLC elects to be treated as a disregarded entity on Form 8832, the entity is treated for U.S. tax purposes as a proprietorship or branch. Any income or expenses are simply reported on Schedules A, B, C, D or E (Schedule E for rental income) of Form 1040 or on Form 1120.

When to apply for late classification relief on Form 8832?

If you can’t file Form 8832 on time and want the election to take effect more than 75 days before the filing date of the form, you can fill out Part II of the form to apply for late-classification relief.