JFH Posted February 29, 2008 Report Share Posted February 29, 2008 I have a client who is a single member LLC and wants to be treated for tax purposes as a Sub S for 2008 and not as a Sch C as he is for 2007. I think all I have to do is complete a form (Form #?) and send to the IRS - is this the right time to do this for 2008 - can it be retroactive? - Like to 2007? Thanks for all the help. Quote Link to comment Share on other sites More sharing options...
Linda Posted February 29, 2008 Report Share Posted February 29, 2008 I have a client who is a single member LLC and wants to be treated for tax purposes as a Sub S for 2008 and not as a Sch C as he is for 2007. I think all I have to do is complete a form (Form #?) and send to the IRS - is this the right time to do this for 2008 - can it be retroactive? - Like to 2007? Thanks for all the help. Form 2553, file by March 15 for calendar year taxpayer, effective current year, not retroactive. Quote Link to comment Share on other sites More sharing options...
mircpa Posted February 29, 2008 Report Share Posted February 29, 2008 retroactively 24 months S election can be effective by following rev procedure 2003-43 Quote Link to comment Share on other sites More sharing options...
stevec cpa Posted March 2, 2008 Report Share Posted March 2, 2008 Make sure you file the 8832 prior to the 2553 though, as the election would most likely be denied otherwise. Steve Quote Link to comment Share on other sites More sharing options...
Lion EA Posted March 2, 2008 Report Share Posted March 2, 2008 He's already organized under state law as an LLC, so just has to file the 2553 to make the S election. If he were not already an LLC or corporation, he would first file 8832 to incorporate and then 2553. Quote Link to comment Share on other sites More sharing options...
JFH Posted March 2, 2008 Author Report Share Posted March 2, 2008 He's already organized under state law as an LLC, so just has to file the 2553 to make the S election. If he were not already an LLC or corporation, he would first file 8832 to incorporate and then 2553. Thank you - and yes - he is already organized as an LLC Quote Link to comment Share on other sites More sharing options...
michaelmars Posted March 2, 2008 Report Share Posted March 2, 2008 WHY DOES he want s corp? what is his business and is that best for him? Quote Link to comment Share on other sites More sharing options...
les grans Posted March 2, 2008 Report Share Posted March 2, 2008 "If he were not already an LLC or corporation, he would first file 8832 to incorporate...." Please, say it ain't so!! Quote Link to comment Share on other sites More sharing options...
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