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Can I begin filing my LLC, which for the prior three years…

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Can I begin filing my...
Can I begin filing my LLC, which for the prior three years filed as a partnership tax return, as an S Corp by simply filing form 2553?
Submitted: 4 months ago.Category: Tax
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10/16/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 4 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 13,488
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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See this from IRS, here: https://www.irs.gov/businesses/small-businesses-self-employed/llc-filing-as-a-corporation-or-partnership

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"The Form 8832 is also filed to change the LLC’s entity classification. Thus, an LLC that has been treated as a partnership for several years may be able to prospectively change its classification to be treated as a corporation by filing Form 8832."

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Had you not already been filing 1065's the 2553 would suffice.

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You can do this now for a effective date of 01/01/2018, and can do so until 03-15-2018.

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You will, of course needs to establish payroll, begin paying the required reasonable salary, and paying in FICA at least monthly and file the quarterly 941's.

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Lane
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
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Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986

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