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There is no official form to terminate an S corporation election. The letter should be titled' “Revocation of S Corporation Status” and include a statement that the company is terminating the election pursuant to IRC Section 1362(a).
Prepare a letter to the IRS, terminating the election. There is no official form to terminate an S corporation election. The letter should be titled' “Revocation of S Corporation Status” and include a statement that the company is terminating the election pursuant to IRC Section 1362(a).
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)
Basic Revocation Requirements Your election to have your LLC taxed as an S corporation was done by filing Election by a Small Business Corporation (Form 2553), most likely when you first formed your corporation. You may revoke your company's S corp. status for the current tax year or for a later date.
A properly completed revocation of an S election can become effective on any specified date on or after the day on which the revocation is filed. If the revocation is filed on or before the 15th day of the third month of the tax year, it can be effective retroactively to the beginning of the tax year (Sec.
To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a) The S corporation's EIN.
Obtain a shareholder vote to dissolve. Stop conducting business. Notify creditors. Liquidate assets. File a certificate of termination. File final government documents.
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