Video instructions and help with filling out and completing revoke form 8832 election
Music with elevation tax and today I wanted to tackle one of the questions we get from clients regarding an S corporation there are times where somebody might make the S election to become an S corporation but as their company evolves and as their investments or or other other activities evolve it makes sense to actually revoke that s election status and so in order to do that there are certain steps that must take place and things that have to be filed with the IRS in order to remove that s status or the s election status from that existing corporation so today I just wanted to talk about those steps that are necessary to revoke that s election the the first step that you must take is that you have to have a vote among the current shareholders so of the existing shareholders there must be at least 50 percent that agree to the termination of the S corp status in addition the business still must comply with its own bylaws and state law and this means that the vote must be or must follow the rules and the standards of both and the proper notice of the vote must be given to the S corporation shareholders the second thing is that the S corporation must submit a letter to the IRS stating its intent to terminate its tax status the letter must include a statement of consent from each shareholder that agree to the termination of the S corporation status so these statements should list each of the shareholders name their address their tax tax identification number so like their social security number and how much of the outstanding stock each one of them owns in order to make that 50 percent vote and all of the shareholders who vote to terminate the excellent S election must sign the letter the form must be mailed with the IRS at the appropriate address and the actual address depend on where you made your s election so whatever office you mailed in your s election is the same office that you would mail in your your consent to revoke the s election it can also be found in the instructions of where to file the instructions of form 2553 and then the last thing is for is regarding the actual date of the revocation so you can in the letter you can tell the IRS when you want to revoke the the status but if there isn't any date listed in in the letter it's gonna be basically two options so if no date is specified and the IRS gets the letter on or before March 15th assuming you have a December 31st tax year end then the revocation is going to be effective at the beginning of that current tax year if the letter is received after March 15th then the revocation is going to be effective at the beginning of the Corporations next tax year
FAQ
Do military members have to pay any fee for leave or fiancee forms?
NOOOOOOO. You are talking to a military romance scammer. I received an email from the US Army that directly answers your question that is pasted below please keep reading.I believe you are the victim of a military Romance Scam whereas the person you are talking to is a foreign national posing as an American Soldier claiming to be stationed overseas on a peacekeeping mission. That's the key to the scam they always claim to be on a peacekeeping mission.Part of their scam is saying that they have no access to their money that their mission is highly dangerous.If your boyfriend girlfriend/future husband/wife is asking you to do the following or has exhibited this behavior, it is a most likely a scam:Moves to private messaging site immediately after meeting you on Facebook or SnapChat or Instagram or some dating or social media site. Often times they delete the site you met them on right after they asked you to move to a more private messaging siteProfesses love to you very quickly & seems to quote poems and song lyrics along with using their own sort of broken language, as they profess their love and devotion quickly. They also showed concern for your health and love for your family.Promises marriage as soon as he/she gets to state for leave that they asked you to pay for.They Requests money (wire transfers) and Amazon, iTune ,Verizon, etc gift cards, for medicine, religious practices, and leaves to come home, internet access, complete job assignments, help sick friend, get him out of trouble, or anything that sounds fishy.The military does provide all the soldier needs including food medical Care and transportation for leave. Trust me, I lived it, you are probably being scammed. I am just trying to show you examples that you are most likely being connned.Below is an email response I received after I sent an inquiry to the US government when I discovered I was scammed. I received this wonderful response back with lots of useful links on how to find and report your scammer. And how to learn more about Romance Scams.Right now you can also copy the picture he gave you and do a google image search and you will hopefully see the pictures of the real person he is impersonating. this doesn't always work and take some digging. if you find the real person you can direct message them and alert them that their image is being used for scamming.Good Luck to you and I'm sorry this may be happening to you. please continue reading the government response I received below it's very informative. You have contacted an email that is monitored by the U.S. Army Criminal Investigation Command. Unfortunately, this is a common concern. We assure you there is never any reason to send money to anyone claiming to be a Soldier online. If you have only spoken with this person online, it is likely they are not a U.S. Soldier at all. If this is a suspected imposter social media profile, we urge you to report it to that platform as soon as possible. Please continue reading for more resources and answers to other frequently asked questions: How to report an imposter Facebook profile: Caution-https://www.facebook.com/help/16... Caution-https://www.facebook.com/help/16... Answers to frequently asked questions: - Soldiers and their loved ones are not charged money so that the Soldier can go on leave. - Soldiers are not charged money for secure communications or leave. - Soldiers do not need permission to get married. - Soldiers emails are in this format: john.doe.mil@mail.mil Caution-mailto: john.doe.mil@mail.mil anything ending in .us or .com is not an official email account. - Soldiers have medical insurance, which pays for their medical costs when treated at civilian health care facilities worldwide – family and friends do not need to pay their medical expenses. - Military aircraft are not used to transport Privately Owned Vehicles. - Army financial offices are not used to help Soldiers buy or sell items of any kind. - Soldiers deployed to Combat Zones do not need to solicit money from the public to feed or house themselves or their troops. - Deployed Soldiers do not find large unclaimed sums of money and need your help to get that money out of the country. Anyone who tells you one of the above-listed conditions/circumstances is true is likely posing as a Soldier and trying to steal money from you. We would urge you to immediately cease all contact with this individual. For more information on avoiding online scams and to report this crime, please see the following sites and articles: This article may help clarify some of the tricks social media scammers try to use to take advantage of people: Caution-https://www.army.mil/article/61432/ Caution-https://www.army.mil/article/61432/ CID advises vigilance against 'romance scams,' scammers impersonating Soldiers Caution-https://www.army.mil/article/180749 Caution-https://www.army.mil/article/180749 FBI Internet Crime Complaint Center: Caution-http://www.ic3.gov/default.aspx Caution-http://www.ic3.gov/default.aspx U.S. Army investigators warn public against romance scams: Caution-https://www.army.mil/article/130... Caution-https://www.army.mil/article/130... DOD warns troops, families to be cybercrime smart -Caution-http://www.army.mil/article/1450... Caution-http://www.army.mil/article/1450... Use caution with social networking Caution-https://www.army.mil/article/146... Caution-https://www.army.mil/article/146... Please see our frequently asked questions section under scams and legal issues. Caution-http://www.army.mil/faq/ Caution-http://www.army.mil/faq/ or visit Caution-http://www.cid.army.mil/ Caution-http://www.cid.army.mil/ . The challenge with most scams is determining if an individual is a legitimate member of the US Army. Based on the Privacy Act of 1974, we cannot provide this information. If concerned about a scam you may contact the Better Business Bureau (if it involves a solicitation for money), or local law enforcement. If you're involved in a Facebook or dating site scam, you are free to contact us direct, (571) 305-4056. If you have a social security number, you can find information about Soldiers online at Caution-https://www.dmdc.osd.mil/appj/sc... Caution-https://www.dmdc.osd.mil/appj/sc... . While this is a free search, it does not help you locate a retiree, but it can tell you if the Soldier is active duty or not. If more information is needed such as current duty station or location, you can contact the Commander Soldier's Records Data Center (SRDC) by phone or mail and they will help you locate individuals on active duty only, not retirees. There is a fee of $3.50 for businesses to use this service. The check or money order must be made out to the U.S. Treasury. It is not refundable. The address is: Commander Soldier's Records Data Center (SRDC) 8899 East 56th Street Indianapolis, IN 46249-5301 Phone: 1-866-771-6357 In addition, it is not possible to remove social networking site profiles without legitimate proof of identity theft or a scam. If you suspect fraud on this site, take a screenshot of any advances for money or impersonations and report the account on the social networking platform immediately. Please submit all information you have on this incident to Caution-www.ic3.gov Caution-http://www.ic3.gov (FBI website, Internet Criminal Complaint Center), immediately stop contact with the scammer (you are potentially providing them more information which can be used to scam you), and learn how to protect yourself against these scams at Caution-http://www.ftc.gov Caution-http://www.ftc.gov (Federal Trade Commission's website)
Can a single-member LLC elect to be treated as a corporation by filing Form 8832 and pay the corporate tax rate of 21%?
Of course it can.That’s what Form 8832, Entity Classification Election is for.And now that the corporate tax rate has been reduced from 37% to 21%, more Single Member LLCs are choosing to do that.They set their salary equal to the anticipated profits of the business, and in effect, reduce the profit to zero, and pay no corporate taxes.Of course, the better choice might be for the LLC to file Form 2553 and elect to be treated for tax purposes as an S Corp, then set a salary of about one-third of the anticipated profits, and the remaining two-thirds drops through as taxable income, but not subject to the Self-Employment tax of 15.3%.And if the LLC is operating a rental real estate business, the SMLLC can just file no election, be classified as a Disregarded Entity for tax purposes, and all of the income will be considered passive income, and not subject to the 15.3% SE tax.The LLC is the best of all of the Business Entities for liability protection, and for tax planning, depending on your situation.I hope this helps.Michael Lantrip, Attorney | Accountant | InvestorMichael Lantrip
Can a single-member LLC (by default, a disregarded entity) elect to be taxed as a corporation via IRS Form 8832?
Yes, a single-member LLC may elect to be taxed as a corporaiton by filing Form 8832.Quoting the last sentence of the first paragraph on the IRS page at Single Member Limited Liability Companies:And an LLC with only one member is treated as an entity disregarded as separate from its owner for income tax purposes (but as a separate entity for purposes of employment tax and certain excise taxes), unless it files Form 8832 and affirmatively elects to be treated as a corporation.
How can I fill out Google's intern host matching form to optimize my chances of receiving a match?
I was selected for a summer internship 2016.I tried to be very open while filling the preference form: I choose many products as my favorite products and I said I'm open about the team I want to join.I even was very open in the location and start date to get host matching interviews (I negotiated the start date in the interview until both me and my host were happy.) You could ask your recruiter to review your form (there are very cool and could help you a lot since they have a bigger experience).Do a search on the potential team.Before the interviews, try to find smart question that you are going to ask for the potential host (do a search on the team to find nice and deep questions to impress your host). Prepare well your resume.You are very likely not going to get algorithm/data structure questions like in the first round. It's going to be just some friendly chat if you are lucky. If your potential team is working on something like machine learning, expect that they are going to ask you questions about machine learning, courses related to machine learning you have and relevant experience (projects, internship). Of course you have to study that before the interview. Take as long time as you need if you feel rusty. It takes some time to get ready for the host matching (it's less than the technical interview) but it's worth it of course.
Do I get my US visitor visa (B1/B2) revoked when I try to renew if I filled out the Diversity Visa (DV) form that year?
No you do not!