S corp revocation letter template

If you need to revoke your S Corp election, submitting a well-structured letter is a critical step. The IRS requires a formal notification to ensure the change is processed correctly. Below is a template you can use to draft your letter, ensuring you include all necessary details for a smooth transition.

Template:

Dear Sir/Madam,

We, the undersigned, hereby request the revocation of our S Corporation election effective as of [Insert Date]. The S Corporation status for [Company Name] (EIN: [Insert EIN]) is no longer required, and we understand that this revocation will be applicable for the tax year [Insert Year].

This decision has been agreed upon by all relevant shareholders, as per the terms of our operating agreement, and we understand the tax implications associated with this change.

Should you require any further documentation or information to process this request, please feel free to contact us at [Insert Contact Information].

Thank you for your attention to this matter.

Sincerely,

[Your Name]

[Your Title]

[Company Name]

[Contact Information]

This straightforward approach ensures you fulfill all IRS requirements and clearly communicate your request for revocation. Make sure to review the IRS guidelines and consult with a tax professional if needed before submitting your letter.