Alaska Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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How to fill out Sample Letter Regarding Articles Of Incorporation - Election Of Sub-S Status?
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FAQ
Form 2553 generally must be filed no later than 2 months and 15 days after the date entered for item E. For details and exceptions, see When To Make the Election and Relief for Late Elections, earlier.
Once a valid S corporation election is terminated or revoked, the corporation or any successor corporation is generally prohibited from making a new election for five years. The five-year period begins with the tax year after the first tax year for which a termination or revocation is effective (IRC § 1362(g)).
TurboTax Tip: If an S corporation fails to file Form 1120S by the due date or by the extended due date, the IRS can impose a minimum penalty of $220 for each month or part of the month the return is late multiplied by the number of shareholders (tax year 2023).
Corp election This must be done no more than six months from the date on which the tax return is due; be sure to mark the first date of the tax year as that of the year reflected in Form 1120 on line E of 2553.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
Requirements for a Form 2553 late filing S corporation election. You can file for a late S Corp election up to 3 years and 75 days after its proposed effective date!
If you're an LLC or partnership, use Form 8832 if you want to be taxed as a C-corp, partnership, or a sole proprietor. Meanwhile, Form 2553 is for LLCs or corporations that want to be taxed as S-corps. Keep this in mind: If you're filing Form 2553, you don't need to file Form 8832.
Requirements for filing for S corp status Be a domestic corporation. Have only allowable shareholders. Allowable shareholders include individuals, certain trusts, and estates. Non-allowable shareholders include partnerships, corporations, or non-resident aliens.
