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This version of the form is not currently in use and is provided for reference only. Download this version of
Form 5E (IC-048)
for the current year.
Form 5E (IC-048) Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation - Wisconsin
What Is Form 5E (IC-048)?
This is a legal form that was released by the Wisconsin Department of Revenue - a government authority operating within Wisconsin. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is Form 5E?
A: Form 5E is a Wisconsin election form.
Q: What is the purpose of Form 5E?
A: The purpose of Form 5E is for an S Corporation to elect not to be treated as a tax-option corporation in Wisconsin.
Q: What is an S Corporation?
A: An S Corporation is a type of business structure that allows the company's income to pass through to the shareholders, avoiding double taxation.
Q: What is a tax-option corporation?
A: A tax-option corporation, also known as a "S Corporation electing to be taxed like a C Corporation," is a corporation that has chosen to be taxed like a regular C Corporation.
Q: Who needs to file Form 5E?
A: An S Corporation in Wisconsin that wants to elect not to be treated as a tax-option corporation needs to file Form 5E.
Q: What does it mean to elect not to be treated as a tax-option corporation?
A: Electing not to be treated as a tax-option corporation means that the S Corporation will not be taxed like a regular C Corporation and instead, the income will pass through to the shareholders.
Q: Is there a deadline for filing Form 5E?
A: Yes, there is a deadline for filing Form 5E. The form must be filed no later than the due date for the S Corporation's Wisconsin franchise or income tax return.
Q: Are there any fees associated with filing Form 5E?
A: No, there are no fees associated with filing Form 5E.
Q: Can I change my election after filing Form 5E?
A: No, once you have filed Form 5E and elected not to be treated as a tax-option corporation, you cannot change your election.
Q: What should I do if I made a mistake on Form 5E?
A: If you made a mistake on Form 5E, you should file an amended Form 5E as soon as possible to correct the error.
Q: Who can I contact for more information about Form 5E?
A: For more information about Form 5E, you can contact the Wisconsin Department of Revenue.
Form Details:
- Released on July 1, 2021;
- The latest edition provided by the Wisconsin Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a printable version of Form 5E (IC-048) by clicking the link below or browse more documents and templates provided by the Wisconsin Department of Revenue.
Download Form 5E (IC-048) Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation - Wisconsin
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