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  • Form 8832 Rev 2003

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D room or suite no. If a P.O. box, see instructions. City or town, state, and ZIP code. If a foreign address, enter city, province or state, postal code and country. 1 Type of election (see instructions): a Initial classification by a newly-formed entity. b Change in current classification. 2 Form of entity (see instructions): a A domestic eligible entity electing to be classified as an association taxable as a corporation. b A domestic eligible entity electing to be classified as a.

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An LLC that is not automatically classified as a corporation and does not file Form 8832 will be classified, for federal tax purposes under the default rules. An LLC that has one member will be classified as a “disregarded entity.” A disregarded entity is one that is disregarded as an entity separate from its owner.

Form 8832 is not mandatory, however if you don't file it, the IRS will tax you based on your default entity classification, and you might end up paying more than you need to. Through making the right election, you can save thousands of dollars every year.

Tax form 8832 is typically used by partnerships or Limited Liability Companies (LLCs) to choose or change their tax classification. In technical terms, Form 8832 lets taxpayers elect to classify or reclassify their entity structure from one type to another.

Note: Also attach a copy to the entity's federal income tax return for the tax year of the election.

Penalties for Not Filing Form 8832 It is not necessary to file this form. It is to the advantage of some taxpayers to choose whether their entity is to be taxed like a partnership (multiple owners), as a c corporation or is to be disregarded for tax (single owner entity) and taxed like a proprietorship.

The Form 8832 is also filed to change the LLC's entity classification. Thus, an LLC that has been treated as a partnership for several years may be able to prospectively change its classification to be treated as a corporation by filing Form 8832.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232