Iowa 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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FAQ
A corporation or other entity eligible to be treated as a corporation files Form 2553 to make an election to be an S corporation. An S corporation elects to pass income, deductions, loss, and credits to its shareholders for federal tax purposes.
Per the instructions: "Generally, send the original election (no photocopies) or fax it to the Internal Revenue Service Center listed..." If needed, the completed form can be attached as a PDF to the e-filed return. To do so, On screen 1, check the box Attaching Form 2553 as a PDF Document.
If the corporation (entity) isn't notified of acceptance or nonacceptance of its election within 2 months of the date of filing (date faxed or mailed), or within 5 months if box Q1 is checked, take follow-up action by calling 1-800-829-4933?. An IRS letter stating that Form 2553 has been accepted.
To form an Iowa S corp, you'll need to ensure your company has an Iowa formal business structure (LLC or corporation), and then you can elect S corp tax designation. If you've already formed an LLC or corporation, file Form 2553 with the Internal Revenue Service (IRS) to designate S corp taxation status.
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.
?If the corporation has applied for an employer identification number (EIN) but has not received it, enter ?applied for.? If the corporation does not have an EIN, it should apply for one on Form SS-4, Application for Employer Identification Number, available from most IRS and Social Security Administration offices.
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.
If you file Form 2553 before the date on line E (the date the election will go into effect), you only need to list the current shareholders. If you file the form after the date on line E, list anyone who held stock between that date (the effective date) and the filing date (the election date).