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    LMSPcentral's Avatar
    LMSPcentral Posts: 1, Reputation: 1
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    #1

    Jan 30, 2009, 11:12 AM
    Changing from llc to s corp
    I am trying to find out if I need to file any additional papers to IRS when designating my llc as a s corp in the state of va
    codyman144's Avatar
    codyman144 Posts: 544, Reputation: 31
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    #2

    Jan 30, 2009, 11:31 AM

    Is this a tax question? If so I will ask that it be moved there so a tax expert can answer you.
    MLSNC's Avatar
    MLSNC Posts: 158, Reputation: 17
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    #3

    Jan 30, 2009, 11:06 PM

    I believe you are going to have to file Form 8832 to tell the IRS what you are doing. If you don't have an EID No. you will need to apply for one. There may be others, but I think this will do it.

    If you haven't talked to a tax professional, you should. There are several tax traps in the incorporation process especially if you are transferring in liabilities.

    Also, if you are changing to save self-employment taxes, the IRS knows they are losing money here and rumor has it they want the profits of S Corps to be subject to self-employment tax similar to partnerships. To my knowledge nothing has been proposed, just a friendly warning to be on the lookout.
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