Looking for information regarding how to file tax returns for a single-member LLC as an S-corporation. It seems there is a certain IRS form that is filled-out to get things started but I don't recall the form number. Has anyone been through this process and if so, I welcome any thoughts, links, webpages, etc. to begin the education process.
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How to tax single-member LLC as an S-corporation
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Form 2553
Not that I am in the mood to tangle with a Lion, but I've had success in filing only form 2553. I think the IRS agents in Ogden have been trained well enough since this requirement change a few years ago (form 8832, then form 2553 was the prior method).
See Publication 3402, specifically, here is what I am referring to:
"LLCs Classified as Corporations
An LLC with either a single member or more than one member can elect to be classified as a corporation rather than be classified as a partnership or disregarded entity under the default rules discussed earlier. File Form 8832, Entity Classification Election, to elect classification as a C corporation. File Form 2553, Election by a Small Business Corporation, to elect classification as an S corporation. LLCs electing classification as an S corporation are not required to file Form 8832 to elect classification as a corporation before filing Form 2553. By filing Form 2553, an LLC is deemed to have elected classification as a corporation in addition to the S corporation classification."Circular 230 Disclosure:
Don't even think about using the information in this message!
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