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This form is used by a federal S corporation in Wisconsin to revoke its election not to be treated as a tax-option corporation, allowing the income to be taxed to shareholders rather than the corporation.
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How to fill out revocation of election by
How to fill out Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation
01
Obtain Form 2553: Get the official Revocation of Election form from the IRS website or your tax professional.
02
Complete the Form: Fill in the required details, including the S Corporation's name, address, and EIN.
03
Indicate Revocation Reason: Clearly state the reason for revoking the S Corporation status.
04
Gather Consents: Obtain written consent from all shareholders, indicating their agreement to the revocation.
05
Sign and Date: Ensure that the form is signed by an officer of the corporation and dated appropriately.
06
Submit the Form: Send the completed form to the IRS address specified in the instructions.
07
Follow Up: Keep a copy of the form and follow up with the IRS if you do not receive confirmation.
Who needs Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
01
S Corporations that wish to return to C Corporation status.
02
Shareholders of S Corporations who no longer meet eligibility requirements.
03
Business owners who decide that the tax benefits of C Corporation status are more advantageous than those of S Corporation status.
04
Corporations needing to align with new business strategies or shareholder changes.
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What is Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation is a formal process through which an S Corporation can terminate its status as a small business corporation for tax purposes, thus reverting to being taxed as a C Corporation.
Who is required to file Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The shareholders of the S Corporation are required to file the Revocation of Election, and it must be executed by shareholders holding more than 50% of the corporation's stock.
How to fill out Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
To fill out the Revocation of Election, the corporation must complete Form 8832, providing information such as the corporation's name, EIN, address, and the date the revocation is effective, along with the required signatures from shareholders.
What is the purpose of Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The purpose of the revocation is to allow the corporation to change its tax designation, typically for strategic business reasons such as seeking to reinvest profits or adjust to shareholder structure.
What information must be reported on Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The following information must be reported: the name and address of the corporation, the date of revocation, the reasons for revocation, and the names and signatures of the shareholders consenting to the revocation.
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