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Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28084
Experience:  Taxes, Immigration, Labor Relations
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For 2011 and 2012, Form 1065 tax returns were filed for a LLC.

Customer Question

For 2011 and 2012, Form 1065 tax returns were filed for a LLC. In September 2013, client shows me an IRS Notice dated 1-31-11 stating that they "have approved your Form 8832 election to be classified as taxable as a corporation effective 1-11-11." Can this be revoked and we let the 1065 tax returns be as is? Or does the 1065's need to be amended/withdrawn and Form 1120 be filed for 2011 and 2012?
Submitted: 3 years ago.
Category: Tax
Expert:  Lev replied 3 years ago.

Lev :

Hi and welcome to our site!

Yes, an election can be revoked. There are some limitations and restrictions.
Details may be found in instructions. The important part about late election relief - see page 6.
To proceed - you need to file a new 8832 - you may mark it as "AMENDED" at the top of the first page to avoid confusions.

http://www.irs.gov/pub/irs-pdf/f8832.pdf

Lev :

In additional - I might suggest to review this discussion related to a similar situation -
http://www.taxalmanac.org/index.php/Discussion:Retroactive_Revocation_of_Form_8832_Election

Expert:  Lev replied 3 years ago.
Just in case you were not able to use the chat - I am switching to Q&A mode and posting the answer below.
Please feel free to communicate if you need any clarification or have other tax related issues.

es, an election can be revoked. There are some limitations and restrictions.
Details may be found in instructions. The important part about late election relief - see page 6.
To proceed - you need to file a new 8832 - you may mark it as "AMENDED" at the top of the first page to avoid confusions.
http://www.irs.gov/pub/irs-pdf/f8832.pdf

In additional - I might suggest to review this discussion related to a similar situation -
http://www.taxalmanac.org/index.php/Discussion:Retroactive_Revocation_of_Form_8832_Election

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