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Video instructions and help with filling out and completing Form 8822
Instructions and Help about Form 8822
How to Fill Out IRS Form 8832Hi, I'm Priyanka Prakash, senior staff writer at Fundera.Today, I'll show you how to fill out IRS Form 8832: Entity Classification Election.This form is used whenever a business wants to opt out of default tax treatment for federaltax purposes.A common example is when a limited liability company (LLC) wants to be taxed as a C-corp.By default, a single-member LLC is taxed as a disregarded entity, and a multi-member LLCis taxed as a partnership.This means that business profits and losses passed through to the owners personal incometax returns.However, if you correctly fill out and submit Form 8832, you can elect for the LLC to betreated as a C-corp for federal tax purposes, and the business will pay a corporate incometax.Okay, let's get started with the form.Start by providing your basic business information at the top, including your business name,address, and phone number.I'm going to prthis information for a sample business called ABC Bakery LLC.Note that you need an EIN or employer identification number before filling out and submitting Form8832.If your business does not already have an EIN, you'll first need to apply for one usingIRS Form SS-4.However, if you already have an EIN for your business, there's no need to apply for a newone now.In general, if you already have an EIN, you'll continue to use that same EIN for Form 8832and going forward.Check off this first box if you've changed your business address after filing Form SS-4or your most recent tax return.The other two boxes are for late tax classification relief.When you file Form 8832, the IRS will take your date of filing as the effective dateof your new tax status unless you pran alternate date.You cannot pran alternate date that's more than 75 days before you file the formor more than one year after you file the form.If you fail to file Form 8832, but would like to apply your change in business tax statusto previous tax years, then you should check off this box which says late classificationrelief sought under revenue procedure 2009-41.If you have reasonable cause for not filing form 8832, you typically can qualify for lateelection relief as long as no more than three years and 75 days have passed from your requestedeffective date of the tax election.This last box which refers to revenue procedure 2010-32 applies to certain types of foreignbusiness entities.In this case, none of these boxes apply to ABC Bakery LLC, so I'm going to skip and godown to Part 1.Part 1 of the form is about election information.In item 1, indicate whether you have a newly formed business and are electing a tax classificationfor the first time, or did you already elect a tax classification and now you'd like tochange it?For example, maybe you had an LLC that elected C Corp tax status, but now you'd like to revertback to the default tax treatment.In this example, I'm going to assume that ABC Bakery is making its initial tax classificationand check off box.