Form 8832

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What is Form 8832? 

Form 8832 is a document from the Internal Revenue Service (IRS) that is also known as “Entity Classification Election.” The main purpose of Form 8832 is to change how a business entity is classified for federal tax purposes. Businesses typically use this form to change their tax selection status and possibly reduce their tax liabilities. Keep in mind that a business is only allowed to change its tax classification once every five years. 

Eligible businesses can use Form 8832 to elect their classification for tax purposes as:

 

Can all businesses use Form 8832? 

No, not all business entities can use Form 8832. The following are considered by the IRS that can file Form 8832:

Businesses that can file Form 8832 but do not file it will be taxed according to their default tax status.

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