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Also, there are certain restrictions on the effective date of your election. The effective date can't be more than 75 days before your Form 8832 is filed or more than 12 months after your 8832 tax form is filed. If you must file after the first 75 days of the fiscal year, you'll need to apply for late election relief.

If the entity is not required to file a return for that year, a copy of its Form 8832 must be attached to the federal tax returns of all direct or indirect owners of the entity for the tax year of the owner that includes the date on which the election took effect.

For income tax purposes, an LLC with only one member is treated as an entity disregarded as separate from its owner, unless it files Form 8832 and elects to be treated as a corporation.

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.

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.

An eligible entity uses Form 8832 to elect how it will be classified for federal tax purposes, as: A corporation. A partnership. An entity disregarded as separate from its owner.

The Check the Box Election refers to how the an entity will be treated for US tax purposes. As provided by the IRS: Unless an election is made on Form 8832, a domestic eligible entity is: A partnership if it has two or more members.

The IRS will accept or deny your Form 8832 filing request within 60 days. The acceptance or denial letter will go to the address you listed when completing your form. If 60 days go by and you don't hear anything, call the IRS at 1-800-829-0115 or send a letter to the service center to check on the status of the form.