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  • Election By A Small Business Corporat 10n A Form 2553 Election By A Small Business Corporation

Get Election By A Small Business Corporat 10n A Form 2553 Election By A Small Business Corporation

Election by a Small Business Corporat 10n a Form 2553 Election by a Small Business Corporation ,",,"2553 (Fev. December 2013) Deparlment of the Treasury lnternal Revenue Service Note. Part.

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Businesses can file Form 2553 either by fax or by mail. The IRS Web site provides a list that details the appropriate address or fax number to use based on the state in which the business is based: https://www.irs.gov/pub/irs-pdf/i2553.pdf. Form 2553 cannot be filed online.

Small companies typically elect to become S-corporations so that their net taxable income is taxed to the shareholders of the corporation rather than the corporation itself. This means that the small company can pass its income, credits, deductions, and losses to its shareholders for tax purposes.

In order to become an S corporation, the corporation must submit a completed Form 2553 (Election by a Small Business Corporation) that has been signed by all the shareholders. The following information must be provided: The corporation's name and address. The tax year when the election will take effect.

Form 2553. The Election by a Small Business Corporation (Form 2553) is the form an entity must file with the IRS to elect S corporation tax status. ... Each shareholder must sign Form 2553. An LLC can file Form 2553 with the IRS if it properly qualifies as an S corporation.

1:42 10:36 Suggested clip How to Fill out IRS Form 2553: Easy-to-Follow Instructions - YouTubeYouTubeStart of suggested clipEnd of suggested clip How to Fill out IRS Form 2553: Easy-to-Follow Instructions - YouTube

A late election to be an S corporation and a late entity classification election for the same entity may be available if the entity can show that the failure to file Form 2553 on time was due to reasonable cause. Relief must be requested within 3 years and 75 days of the effective date entered on line E of Form 2553.

S corporations are corporations that elect to pass corporate income, losses, deductions, and credits through to their shareholders for federal tax purposes.

The purpose of Form 2553 is to allow small businesses to register as an S corporation instead of as a C corporation. Making an S election can potentially provide tax savings to a small business owner, depending on a number of factors.

Electing S status for a newly formed corporation For a newly formed corporation, the election must be filed on or before the 15th day of the third month of the first tax year.

To elect for S-Corp treatment, file Form 2553. You can make this election at the same time you file your taxes by filing Form 1120S, attaching Form 2533 and submitting along with your personal tax return.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232