District of Columbia 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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To qualify: Shareholders may only be individuals, certain trusts, estates, and certain exempt organizations (such as a 501(c)(3) nonprofit). Shareholders may not be partnerships or corporations. Shareholders must be US citizens or residents.
S Corporation Elections A small business corporation elects federal S corporation status by filing federal Form 2553 (Election By a Small Business Corporation) with the Internal Revenue Service. When a corporation elects federal S corporation status it automatically becomes an S corporation for California.
For federal tax purposes, a corporation must file Form 2553, Election by a Small Business Corporation, to gain S corporation status. Most states follow the federal government in recognizing the S election. However, Arkansas, New Jersey and New York require a separate state S election.
Once you confirm you meet the requirements, you may apply for S Corporation status with the IRS by filing Form 2553. The State of Texas recognizes the federal S Corp election. Your business will still be subject to franchise taxes with the State of Texas.
How do I form an S-Corp? DC requires S-Corps to register with the Department of Consumer and Regulatory Affairs (DCRA), which is done by filing an "Articles of Incorporation." Registration costs a minimum of $220 and can increase depending on the amount of stock to be issued by the corporation.
Some jurisdictions?the District of Columbia, Louisiana, New Hampshire, New York City, Tennessee, and Texas?do not recognize the federal S corporation election and, for the most part, tax S corporations like other business corporations.
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.
Florida recognizes the S designation. The state does not treat S corporations as traditional corporations for tax purposes, nor does it tax the income that passes through to the business owners.
