Form 5R (IC-042) Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation - Wisconsin

What Is Form 5R (IC-042)?

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 5R (IC-042)?
A: Form 5R (IC-042) is a Wisconsin Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation.

Q: Who can use Form 5R (IC-042)?
A: S Corporations in Wisconsin that want to revoke their election to be treated as a tax-option corporation.

Q: What is a tax-option corporation?
A: A tax-option corporation is an S Corporation that elects to be treated as a C Corporation for Wisconsin tax purposes.

Q: Why would an S Corporation want to revoke its election to be a tax-option corporation?
A: There may be various reasons, such as changes in ownership or business structure.

Q: Are there any fees associated with filing Form 5R (IC-042)?
A: No, there are no fees for filing Form 5R (IC-042).

Q: When should Form 5R (IC-042) be filed?
A: Form 5R (IC-042) should be filed within 90 days of the revocation of the S Corporation's tax-option election.

Q: What happens after filing Form 5R (IC-042)?
A: The Wisconsin Department of Revenue will process the revocation and update the S Corporation's tax status.

Q: Is Form 5R (IC-042) used for federal tax purposes?
A: No, Form 5R (IC-042) is only for Wisconsin tax purposes.

Q: Can I use Form 5R (IC-042) to revoke the tax-option election for multiple tax years?
A: No, Form 5R (IC-042) can only be used to revoke the tax-option election for the current tax year.