New Jersey 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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How long does the process take? Typically, you will get a verdict on your form 2553 application within 60 days of submitting it to the IRS. If you have not heard back in that timeframe, reach out to the IRS directly. You can call the IRS at (800) 829-4933 to check the status of your application.
IRS Form 2553 does not have a filing fee, however, a business owner should be aware that there can be some other costs associated with electing to be taxed as an S Corp. For example, if the company is using ?business purpose? to justify its fiscal year, it will incur a $5,800 fee following filing Form 2553.
Purpose - A corporation must file form CBT-2553 to elect to be treated as a New Jersey S corporation or a New Jersey QSSS or to report a change in shareholders. CBT-2553 New Jersey S Corporation or New Jersey QSSS ... njlawconnect.com ? S-Corp-Election njlawconnect.com ? S-Corp-Election PDF
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.
Apply for S corporation status with the Internal Revenue Service. Be fully registered with the NJ Division of Revenue and Enterprise Services, and have a Certificate of Incorporation or a Certificate of Authority to do business in this State. File a New Jersey S Corporation Election using the online SCORP application. State of NJ - Division of Revenue S Corporation Status - NJ.gov New Jersey (.gov) ? treasury ? revenue ? scorp New Jersey (.gov) ? treasury ? revenue ? scorp
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.
Form 2553, Election by a Small Business Corporation, can't be filed electronically. The form instructions state that the corporation needs to mail or fax the original copy of the form to the IRS. Refer to the IRS Instructions for Form 2553 for more information. Filing Form 2553 with a 1120 or 1120S return in ProSeries intuit.com ? help-article ? corporation intuit.com ? help-article ? corporation