Puerto Rico Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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How to fill out Sample Letter Regarding Articles Of Incorporation - Election Of Sub-S Status?
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FAQ
Primary Advantages of Making the S Corporation Election Shareholders escape double taxation of income as taxes are only paid at the shareholder level and not at the corporate level (a flow-through entity for tax purposes).
S Corp Approval Letter (CP261 Notice) The CP261 Notice officially confirms that your S Corporation has been established. Going forward, your S Corporation's business activity will be reported on the 1120s Business Tax Return.
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.
When the IRS has approved your S-Corp election that you submitted using Form 2553, they will send you a CP261 Notice, which is your S-Corporation Approval Letter. You should receive this notice in the mail within 60 days of filing your S-Corp election form.
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. The IRS has specific criteria that entities must meet to qualify for the S Corporation election.
S Corporation in Puerto Rico: Key Points An S corporation is not a distinct business structure but a classification for taxation purposes. With S corp status, a company's earnings, expenses, reductions, and tax credits are distributed to shareholders, who then report them on their individual tax returns.
The corporation will receive an acknowledgement if the S corporation election is accepted and when it will take effect. The corporation will also be notified if the election isn't accepted. If the notification of acceptance or nonacceptance is not received, the corporation should follow up by calling 800-829-4933.
An LLC can choose to be treated as an S corporation in a two-step process: File a Form 8832, Entity Classification Election. This causes the business to be taxed as a C corporation. Then file Form 2553 to elect an S corporation tax structure.
