To submit this form, ensure it is fully completed and signed by an authorized officer. Enclose the required documents, including a copy of the letter and shareholder consents. Mail the completed form and enclosures to the Internal Revenue Service Center where the S election was originally filed. Ensure you keep a copy for your records. For further assistance, consider consulting a tax advisor or legal professional.

The important dates for this form are the effective date of the revocation and the deadline for submitting the form to the IRS.

The purpose of the Statement of Revocation of S Election under IRC Section 1362(a) is to revoke a corporation's previous election to be taxed as an S corporation. This may be necessary when a corporation no longer meets the eligibility criteria or when the shareholders decide that S corporation status is no longer beneficial. By completing and submitting this form, corporations can ensure they comply with IRS regulations and update their tax status accordingly.

• 1. Corporation Name: The legal name of the corporation requesting the revocation.
• 2. Corporation Address: The physical address of the corporation's principal office.
• 3. Employer Identification Number: The federal employer identification number assigned to the corporation.
• 4. Total Shares of Stock: The total number of shares of stock issued and outstanding at the time of revocation.
• 5. Effective Date of Revocation: The date on which the revocation of the S election becomes effective.
• 6. Shareholder Consents: The written consents from a majority of shareholders agreeing to the revocation.
• 7. Officer's Signature: The signature of an authorized officer who can sign the corporation's income tax return.
• 8. Enclosures: Supporting documents such as a copy of the letter and shareholder consents.

If you fail to submit this form, your corporation's S election status will remain unchanged. This could result in potential tax compliance issues and missed opportunities for certain tax benefits.

• Tax Compliance Issues: Failure to revoke the S election could lead to complications in meeting IRS tax filing requirements.
• Missed Tax Benefits: Maintaining S corporation status when it is no longer advantageous could result in missed tax savings and benefits.

• 1. Change in Eligibility: When the corporation no longer meets the eligibility criteria for S corporation status.
• 2. Shareholder Decision: When the shareholders decide to revoke the S election for strategic or financial reasons.
• 3. Corporate Restructuring: During mergers, acquisitions, or other restructuring events that affect the corporation's tax status.
• 4. Tax Planning: As part of tax planning to optimize the corporation's tax position.
• 5. Legal Compliance: To comply with IRS regulations and ensure accurate tax status reporting.