Hello Anthony, hello Claudie. How are you? I'm great. We are finally back with new lighting, and I think it makes us look younger, thinner, more dramatic, and more powerful. Yes, yes, sir. For some of our followers, we have been off the air for a little bit. We had to do a big project on a website reconfiguration, but we're back. We want to talk about the updates on the passport revocation law. There has been some big movement which we've seen. Now, let's talk about the basics of the law, the updates, and why if you've been procrastinating, you may have to take action sooner than later. That's right. The law actually passed back on December 4th, 2015, so it's really taken a while to get some legs under it. Oh, no, it was 2015, not 2016. That's right, yes, it did, you're right. Oh my god, right? The FAST Act gives the Secretary of State the ability to refuse or revoke passports to seriously delinquent taxpayers. Yeah, that's what's crazy. That's how time passes. I was swearing that was a typo, but right, it was passed and it took that long to get up to this. We've been warning people that it's coming, and finally you saw the update. The IRS updated their website, and I saw that The Drudge Report finally had a link to it as well the other day. So I think people are starting to learn about it. By learning about it, it also requires you to put your head in the sand and pretend the problem isn't there because it is there. And I think when people try to pretend the law won't happen because it's so crazy, yeah, it's really stupid, honestly. So what is the seriously delinquent tax debt? It's...
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Letter of revocation of election Form: What You Should Know
Click this link. Free Form 8832 instructions. To receive Form 2848, Revocation to Continue Business as a Fiduciary, or Revocation to Complete Fiduciary Business S-Corporation Revocation Notification If you are planning to revoke the S corporation election by revocation, you will get a “Notice” from the IRS. The IRS will: notify you of the revocation and the period during which the revocation applies; inform you if the effective date of the revocation is after the effective date of the registration date of the S corporation; and indicate whether you may appeal the revocation. Click this link to see the IRS Notice. You must complete and send the Notice with all items requested in the form within 1 year of the effective date of the revocation. This includes, but is not limited to, all applicable filings. You may file anyone or all of the following forms with the Tax Adviser. Form 5606 Notice of Revocation of a Small Business Election, if you did not comply with the notice requirements in the previous section. Form 8832, Notice of Revocation of an S Corporation Election, if you received notice about the revocation but did not comply. The revocation is effective as of the date you file or send the notice. The revocation does not affect any current S corporation elections or extensions. S Corp Election Revocation Procedures If the S corporation election was made after the effective date of the notice to revoke, the S corporation election can be revoked by completing the Schedule A to Form 8832, and filing the return on Form 8832 within 1 year of the effective date of the revocation. See Revocation of an S corporation election for small businesses for further information (IRS Notice 2018-2, 2017-12, and 2018-1. For information on S Corp elections that were made during the period of time prior to the effective date of the notice to revoke, see Revocation of election to be Treated as a New Corporation). If the S corporation election was made prior to the effective date of the notice to revoke, complete Form 5606, and send to the IRS the required 3 items. Form 8832 must be filed before filing the notice to revoke, but is considered filed on the date of the notice. S corporation election that were made before the Notice to Revoke, and have not been fully processed or completed must be revoked within 1 year from the date on Form 8888 was filed to complete or process the election and revoke.
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