Form 8832 Entity election December 19, 2023

Form 8832 is a critical document for businesses in the United States, as it allows eligible entities to choose how they are classified for federal tax purposes. By filing this form, an entity such as a corporation or partnership can elect to be taxed as a corporation, a partnership, or, in the case of a single-member LLC, a disregarded entity. This flexibility in tax classification can lead to significant tax advantages, depending on the specific circumstances and goals of the business.