Ohio 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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To form an Ohio S corp, you'll need to ensure your company has an Ohio 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.
The new number is 855-214-7520 (the old number was 801-620-7116). ? See Parts II and III on page 3. ? You can fax this form to the IRS (see separate instructions). ? Information about Form 2553 and its separate instructions is at .irs.gov/form2553.
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.
Form 2553 late filing follow-up with IRS After filing Form 2553, the IRS will send either an acceptance or denial letter to the business within 60 days of filing. If the election is accepted, the letter will show the effective date.
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.
You need to file Form 2553, Election by a Small Business Corporation to be treated as an S corporation by the IRS. You may file the form online, but only from the ElectSCorp website. If you would prefer to file it offline, these instructions may be helpful.
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.