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| Name | IRS Form 8832 Late Election Relief - Disregarded LLC to Corporation |
| Video Uploader | Video From Jason D. Knott |
| Upload Date | This Video Uploaded At 25-04-2023 11:28:00 |
| Video Discription | For other entity classification election tutorials, see our playlist: https://www.youtube.com/playlist?list=PLTdpzKOWNutQNwYcBxxKkWan7AlqQ_CQ9 IRS Form 8832 (Entity Classification Election) can be filed by eligible entities to change their default tax classification. In this example, we cover a late election relief filing under Rev Proc 2009-41 for a single-member disregarded LLC that wants to make a "C" corporation election. The IRS Revenue Procedure 2009-41 requires the entity to meet 4 elements to qualify for late election relief: 1. The entity failed to obtain its requested classification solely because the election was not timely filed; 2. The entity has not yet filed a tax return for the initial year because the due date for the return has not passed; 3. The entity has reasonable cause for its failure to timely file; and 4. Three years and 75 days from the requested effective date of the election have not passed. For other entity classification election videos, please see below: Foreign Partnership to Corporation: https://youtu.be/JKvwW3mqYYM What is a Per Se Corporation: https://youtu.be/nVtRCzFDFtM Form 8832 for a Trust: https://youtu.be/xs8VrsQxASY For a larger database of tutorials, please visit our website and search for your question: https://knottlearning.com/ DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended, and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials. #Form8832 #LateElection #EntityClassification |
| Category | Education |
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