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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