District of Columbia Election of 'S' Corporation Status and Instructions - IRS 2553
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How to fill out Election Of 'S' Corporation Status And Instructions - IRS 2553?
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Once a small business files Form 2553 and is approved by the IRS to be treated as an S Corp, the election remains valid, and the business owner does not have to file Form 2553 every year. This Form does however have a due date and must be filed on time to take effect for the current tax year for which you are filing.
As an SMLLC (single-member limited liability company), taxes can be burdensome if one is paying taxes on all the profits that they receive from their company. However, IRS form 2553 can be filed, which would allow the SMLLC to reap the tax benefits of an S-Corp.
Generally, send the original election (no photocopies) or fax it to the Internal Revenue Service Center listed below. If the corporation (entity) files this election by fax, keep the original Form 2553 with the corporation's (entity's) permanent records.
If you don't file Form 2553 by the deadline, your business will not receive S Corporation status until the following tax year, unless you qualify for late election relief.
Part IV: Late corporate classification election representations. Another section that most businesses can skip, Part IV only applies to you if you're an LLC and you're filing Form 2553 after the form deadline. Again, if that doesn't apply to you, skip this section.
If you're an existing business You must file Form 2553 within two months and 15 days of the beginning of the tax year that you want your S corp tax treatment to start. For example, if you want your existing LLC to be taxed as an S corp in 2023, you need to file Form 2553 by March 15, 2023.
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.
A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation.