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I have an existing LLC which filed as a partnership and then…

I have an existing...

I have an existing LLC which filed as a partnership and then as a schedule when it became a one member LLC. I now want to be treated as an s-corp in 2018. Do I need to file both 8832 and 2553 or just the 2553?

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3/9/2018
Richard
Richard, Tax Attorney
Category: Tax
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You'll need to file both. You need to file the 8832 to elect for your LLC to be treated as a corporation rather than a partnership. Then, the Form 2553 must be filed to elect for your corporation to be taxed as an S Corp rather than a C corp.

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Customer reply replied 5 months ago
I only filed as a partnership a couple of years ago when I had another member. Have been a single member for several years and have been filing a schedule C for the past few years as a single member. Do I still have to file the 8832?

Yes, because according to the IRS, you originally elected for the LLC to be treated as a partnership. You can't file the Form 2553 election until you file the Form 8832 notifying the IRS you are changing from the partnership designation to the corporation designation.

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Customer reply replied 5 months ago
Got it. Thank you.

You're very welcome! It's been my honor and privilege to help you with this. If I can help you in any way in the future, I'll be happy to help. For easy access, my bookmark is: www.justanswer.com/law/expert-legalbeacon/ . Or, simply request “Richard only” in the first line of your question.

Richard
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Thank you so much for the 5-star rating! I know rating takes an additional step and I truly appreciate you taking the extra time!

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