Yes, you can revoke your S-Corp election, but there are specific steps to follow. To revoke S-Corp status, you must file a formal request with the IRS. This request must include a statement of revocation signed by shareholders owning more than 50% of the company’s stock. It should include details like the corporation’s name, EIN, and the effective date of the revocation.

The revocation is typically effective at the start of the tax year unless another date is specified. Once revoked, your business will be taxed as a C-Corp or another entity type, depending on its structure. It's important to consult a tax professional before making this decision, as it may have long-term tax and financial implications.