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Wisconsin Free Printable 2019 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation for 2020 Wisconsin Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

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Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation
2019 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

Form 5E Corporation Name Wisconsin Department of Revenue PO Box 8908 Madison WI 53708-8908 A Federal Employer ID Number Number and Street Suite Number State City Mail this form to: Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation ZIP Code (+ 4 digit suffix if known) C Number of Shareholders B State of Incorporation and Year D Number of Shares Issued and Outstanding E Election is to be effective for taxable year beginning: M M D D Y Y Y Y The undersigned, owning in total more than 50% of the issued and outstanding shares of the above S corporation on the date of this election, consent to have the corporation not be treated as a tax-option corporation for Wisconsin franchise or income tax purposes. This election will be effective for the taxable year indicated above and at least the next 4 taxable years for this corporation or any successor corporation. However, the election will automatically terminate for the taxable year in which the corporation acquires a qualified Subchapter S subsidiary (QSub) for federal purposes. Each shareholder, in signing this election, declares that the information with respect to his or her name, address, federal identifying number, and stock ownership has been examined and, to the best of the shareholder’s knowledge and belief, is true, correct, and complete. Name and Address of Shareholder Federal Identifying Number Stock Owned Number of Shares Date Acquired Shareholder’s Signature I, the undersigned authorized officer of the corporation for which this election is made, have personally examined this election, including any accompanying schedules and statements, and declare that it is, to the best of my knowledge and belief, true, correct, and complete. Signature IC-048 (R. 9-19) Title Date Form 5E Instructions General Instructions Purpose of Form – A corporation that is an S corporation for federal income tax purposes uses Form 5E to elect not to be a tax-option corporation for Wisconsin tax purposes. How to Elect – The election not to be a tax-option corporation for Wisconsin requires the consent of persons who hold more than 50% of the shares of the tax-option (S) corporation on the day the election is made. Note: If an S corporation has a qualified Subchapter S subsidiary (QSub) for federal purposes, neither the S corporation nor the QSub may elect out of Wisconsin tax-option (S) treatment. When to Elect – You must make the election on or before the due date, or extended due date, of the first Wisconsin corporation franchise or income tax return affected by the election. The election is completed by the filing of a Wisconsin franchise or income tax return in accordance with the election. Use Wisconsin Form 4 or Form 6, as appropriate. Caution: Since the corporation will be filing federal Form 1120-S, special adjustments may be required to properly determine Wisconsin net income. Revoking the Election – You may withdraw the “optout” election prior to the date of filing the corporation’s Wisconsin franchise or income tax return by sending a letter, signed by shareholders holding more than 50% of the corporation’s stock, to the Department of Revenue on or before the due date, including extensions, of the corporation’s return. If the corporation’s return was filed before the due date, or extended due date, you may withdraw the election by filing an amended Wisconsin franchise or income tax return, Form 5S, along with a letter requesting the withdrawal of the “opt-out” election on or before the due date or extended due date. After the due date, or extended due date, for filing the corporation’s Wisconsin franchise or income tax return has passed, the “opt-out” election cannot be withdrawn, and it remains effective for the corporation and any successors for at least the next 4 taxable years after the taxable year to which the election first applies. After the 5-year period, you may revoke the “opt‑out” election by filing Wisconsin Form 5R, Revocation of Election by an S Corporation Not to Be a Tax-Option Corporation. Exception: The “opt-out” election is automatically revoked for the taxable year in which a federal S corporation acquires a QSub. In this case, it is not necessary to file Form 5R. You must use Wisconsin Form 5S to report the income of the corporation and its QSub. Specific Instructions Fill in the corporation’s name and address and enter the appropriate information in items A through E. Enter in the space provided the name, address, and federal identifying number (social security number for individuals and federal employer identification number for estates, qualified trusts, and exempt organizations) of each shareholder who is signing the election. Also enter for each shareholder the number of shares owned and the date the stock was acquired. If the shareholder acquired stock on more than one date, enter the last date on which that shareholder acquired stock. Each shareholder must sign in the space indicated. If the stock is held as community property or if the income from the stock is community property, the consent must be signed by both husband and wife. Wisconsin’s marital property is a form of community property. If you need additional space, attach a schedule containing the required information. Applicable Laws and Rules This document provides statements or interpretations of the following provisions of Wisconsin Statutes in effect as of September 1, 2019: Section 71.365(4) (a), Wis. Stats. Laws enacted and in effect after September 1, 2019, new administrative rules, and court decisions may change the interpretations in this document. Guidance issued prior to September 1, 2019, that is contrary to the information in this document is superseded by this document, pursuant to sec. 73.16(2)(a), Wis. Stats. An authorized officer of the corporation must sign this form in the space provided.
Extracted from PDF file 2019-wisconsin-form-5e.pdf, last modified September 2019

More about the Wisconsin Form 5E Corporate Income Tax TY 2019

We last updated the Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation in March 2020, so this is the latest version of Form 5E, fully updated for tax year 2019. You can download or print current or past-year PDFs of Form 5E directly from TaxFormFinder. You can print other Wisconsin tax forms here.

Other Wisconsin Corporate Income Tax Forms:

TaxFormFinder has an additional 88 Wisconsin income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Schedule CC Request for a Closing Certificate for Fiduciaries
Schedule WD (Form 2) Capital Gains and Losses
Form 4 Wisconsin Non-Combined Corporation Franchise or Income Tax Return
Form 2 Wisconsin Fiduciary Income Tax for Estates or Trusts
Schedule 3K-1 Partner's Share of Income, Deductions, Credits, etc

Download all WI tax forms View all 89 Wisconsin Income Tax Forms


Form Sources:

Wisconsin usually releases forms for the current tax year between January and April. We last updated Wisconsin Form 5E from the Department of Revenue in March 2020.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Wisconsin Form 5E

We have a total of eight past-year versions of Form 5E in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2019 Form 5E

2019 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

2018 Form 5E

2018 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

2017 Form 5E

2017 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

2016 Form 5E

2016 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation 2015 Form 5E

2015 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation (fillable)

Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation 2013 Form 5E

2013 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

2012 Form 5E

2012 IC-048 Form 5E Wisconsin Election by an S Corporation Not to Be Treated as a Tax-Option Corporation

IC-048 2011 2011 Form 5E

2011 IC-048 Form 5E - Election by an S Corporation Not to be Treated as a Tax-Option Corporation (pdf fillable format)


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