Revocation of S Election under IRC Section 1362(a)
This file contains a statement for revoking an S election under IRC Section 1362(a). It includes details such as the name of the corporation, address, and employer identification number. It also outlines the steps necessary to complete the revocation process and obtain shareholder consents.
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How do I fill this out?
To fill out the Statement of Revocation of S Election, you need to provide specific information about your corporation, including its name, address, and employer identification number. You'll also need to detail the total shares of stock issued and outstanding at the time of the revocation. Finally, obtain and enclose written consents from a majority of shareholders.
How to fill out the Revocation of S Election under IRC Section 1362(a)?
1
Provide the name, address, and employer identification number of the corporation.
2
State the total shares of stock issued and outstanding.
3
Include the effective date of the revocation.
4
Obtain written consents from a majority of shareholders.
5
Sign the statement and include necessary enclosures such as a copy of the letter and shareholder consents.
Who needs the Revocation of S Election under IRC Section 1362(a)?
1
Corporations that previously elected S corporation status and now wish to revoke it.
2
Business owners seeking to change their corporation's tax status.
3
Tax advisors assisting clients with revocation of S election.
4
Lawyers helping corporations with compliance and documentation.
5
Shareholders needing to consent to the revocation of S election.
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What are the instructions for submitting this form?
To submit this form, ensure it is fully completed and signed by an authorized officer. Enclose the required documents, including a copy of the letter and shareholder consents. Mail the completed form and enclosures to the Internal Revenue Service Center where the S election was originally filed. Ensure you keep a copy for your records. For further assistance, consider consulting a tax advisor or legal professional.
What are the important dates for this form in 2024 and 2025?
The important dates for this form are the effective date of the revocation and the deadline for submitting the form to the IRS.
What is the purpose of this form?
The purpose of the Statement of Revocation of S Election under IRC Section 1362(a) is to revoke a corporation's previous election to be taxed as an S corporation. This may be necessary when a corporation no longer meets the eligibility criteria or when the shareholders decide that S corporation status is no longer beneficial. By completing and submitting this form, corporations can ensure they comply with IRS regulations and update their tax status accordingly.
Tell me about this form and its components and fields line-by-line.
- 1. Corporation Name: The legal name of the corporation requesting the revocation.
- 2. Corporation Address: The physical address of the corporation's principal office.
- 3. Employer Identification Number: The federal employer identification number assigned to the corporation.
- 4. Total Shares of Stock: The total number of shares of stock issued and outstanding at the time of revocation.
- 5. Effective Date of Revocation: The date on which the revocation of the S election becomes effective.
- 6. Shareholder Consents: The written consents from a majority of shareholders agreeing to the revocation.
- 7. Officer's Signature: The signature of an authorized officer who can sign the corporation's income tax return.
- 8. Enclosures: Supporting documents such as a copy of the letter and shareholder consents.
What happens if I fail to submit this form?
If you fail to submit this form, your corporation's S election status will remain unchanged. This could result in potential tax compliance issues and missed opportunities for certain tax benefits.
- Tax Compliance Issues: Failure to revoke the S election could lead to complications in meeting IRS tax filing requirements.
- Missed Tax Benefits: Maintaining S corporation status when it is no longer advantageous could result in missed tax savings and benefits.
How do I know when to use this form?
- 1. Change in Eligibility: When the corporation no longer meets the eligibility criteria for S corporation status.
- 2. Shareholder Decision: When the shareholders decide to revoke the S election for strategic or financial reasons.
- 3. Corporate Restructuring: During mergers, acquisitions, or other restructuring events that affect the corporation's tax status.
- 4. Tax Planning: As part of tax planning to optimize the corporation's tax position.
- 5. Legal Compliance: To comply with IRS regulations and ensure accurate tax status reporting.
Frequently Asked Questions
What is this file for?
This file is for revoking an S election under IRC Section 1362(a).
Who needs this file?
Corporations that previously elected S corporation status and wish to revoke it.
How do I fill out this file?
Provide corporation details, state total shares issued, include the effective date, obtain shareholder consents, and sign the statement.
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Share your PDF via email, generate a shareable link, or upload it to cloud storage using PrintFriendly's sharing options.
What are the key components of this file?
The file includes corporation details, stock information, effective date of revocation, shareholder consents, and enclosures.
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Yes, you can use PrintFriendly to fill out multiple forms and save or download them.
Is it necessary to obtain shareholder consents?
Yes, you need written consents from a majority of shareholders for the revocation.
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