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This form is used by a federal S corporation that has elected not to be treated as a tax-option corporation for Wisconsin tax purposes and wishes to revoke that election. It requires signatures from
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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 IRS Form 2553, which is used for the S Corporation election.
02
Fill out the form with your S Corporation's legal name, address, and Employer Identification Number (EIN).
03
Indicate that you are revoking the S Corporation election by checking the appropriate box.
04
List the shareholders' names, addresses, and the number of shares they hold.
05
Have all shareholders sign the form to confirm the revocation.
06
Submit the completed Form 2553 to the IRS by mail or electronically, ensuring it is sent before the deadline.
Who needs Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
01
Any S Corporation that has decided to revert to being taxed as a C Corporation.
02
Shareholders who no longer want the S Corporation tax benefits.
03
Entities that have changed their structure or business model and require a different tax treatment.
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What is Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation is a formal decision made by an S Corporation to relinquish its status as a tax-option corporation, thus reverting to a standard corporation for tax purposes.
Who is required to file Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The S Corporation itself is required to file the Revocation of Election. The shareholders must also consent to the revocation.
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 use the appropriate IRS form, typically Form 8832, and ensure all required information, including the corporation's name, address, and the effective date of revocation, is included.
What is the purpose of Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The purpose is to allow the corporation to change its tax status, either due to a change in business strategy, management decisions, or compliance with IRS regulations.
What information must be reported on Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation?
The information that must be reported includes the corporation's name, address, EIN, the date the S election was made, and the date the revocation becomes effective, along with the signatures of shareholders who consent to the revocation.
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