Massachusetts Election of 'S' Corporation Status and Instructions - IRS 2553

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A corporation or other entity eligible to elect to be treated as a corporation must use Form 2553 to make an election under section 1362(a) to be an S corporation.

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FAQ

You can fill out the Massachusetts Certificate of Organization (called ?Articles of Organization? in many states) and mail it in or use the online portal to submit your paperwork. You'll be responsible for paying a $500 filing fee if you file by mail and a filing fee of $520 if you file online.

Many new business owners choose to hire an S Corp lawyer to help incorporate the business. This process includes drafting essential documents and filing these documents with the IRS. Based on ContractsCounsel's marketplace data, the average cost of an S Corp is $1,200.

The minimum tax is $456. Taxable Period: The taxable period for corporations is either the calendar year or the corporation's fiscal year. Estimated payments are made every three months during the taxable year. Federal accounting periods and methods have been adopted.

Can I set up an S corp myself? While it is possible to file articles of incorporation and go through the S corporation election process alone, S corp requirements are both strict and complex. To ensure you're following the rules, we recommend consulting an attorney or tax professional.

How to create an S-Corp. in Massachusetts Choose a name for the corporation. ... Appoint a Registered Agent. ... File Articles of Organization. ... Articles of Organization Signed by Incorporator(s) or Authorized Agent. ... Submit Appropriate Filing Fees for Articles of Organization. ... Secure an Employer Identification Number.

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Massachusetts Election of 'S' Corporation Status and Instructions - IRS 2553