Entity Classification Election
/ˈɛn.tɪ.ti ˌklæs.ɪ.fɪˈkeɪ.ʃən ɪˈlɛk.ʃən/
Definitions
- (n.) A tax-related choice by a business entity to be treated as a specific type of taxpayer (e.g., corporation, partnership, or disregarded entity) under applicable tax laws.
The company filed an entity classification election to be taxed as an S corporation.
Forms
- entity classification election
- entity classification elections
Related terms
See also
Commentary
Commonly known as a "check-the-box" election, this classification impacts tax reporting and liability, and must comply with IRS regulations.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.