Can I revoke an S Corp Election?

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To revoke an S-election, the entity will need to file a revocation statement with the IRS at the same service center that the S-Election (Form 2553) was filed. You can find this address by looking at the Where To File in the Instructions for Form 2553. In the revocation statement, the the entity must notify the IRS that it is …

What is an S Corporation?

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An “S corporation” is essentially a traditional corporation (C corp or professional corporation) that elects pass-through tax status. It is important to note, however, that an LLC can also elect to be taxed as an S corporation. To make this election, the entity would notify the IRS by filing Form 2553 with the IRS (the S Election). Once the corporation …