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  1. #1
    Join Date
    Jan 2011
    Posts
    2

    Default How to Revert an S-Corp Election

    My question involves business law in the state of: Wyoming

    I incorporated an llc in 2010 and elected to be taxed as an S-Corp. I am learning now that my reasons for doing this were not correct. My CPA has advised me to revert the S-Corp status in order to simplify the tax filing paperwork.

    My question is: is it possible to revert my s-corp tax election for 2010? I haven't filed taxes for 2010 yet, so I am not really taking advantage of any S-corp provisions. In fact, in my situation S-Corp doesn't really provide any benefit.

    Thank you for your reply. I am still a newbie when it comes to all of this and am slowly realizing how complicated all of this can get.

    regards

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How to Revert an S-Corp Election

    Read this, esp. the portion under "when to make the election" and "relief for late elections".

  3. #3
    Join Date
    Jan 2011
    Posts
    2

    Default Re: How to Revert an S-Corp Election

    Thanks for the reply. Also, I spoke to the IRS by calling their service center. Essentially I had to send in a new form 8832 as per their instructions.

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