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Form 2553 is used by qualifying small business corporations and limited liability companies to make the election prescribed by Sec. 1362. A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation.
Attach to Form 2553 a statement describing the relevant facts and circumstances and, if applicable, the gross receipts from sales and services necessary to establish a business purpose. See the instructions for
To be an S corporation beginning with its short tax year, the corporation must file Form 2553 during the period that begins November 8 and ends January 22. Because the corporation had no prior tax year, an election made before November 8 won’t be valid.
IRS Form 2553 is an election to have your business entity recognized as an S corporation for tax purposes. The form should be filed before the 16th day of the third month of the corporation's tax year, or before the 15th day of the second month of a tax year if the tax year is 2 ½ months or less.
Where To File Form 2553. To file Form 2553, the corporation must submit the form to the appropriate IRS service center by mail or fax.
In our simple guide, we'll walk you through form 2553 instructions so you can legally and officially start your new S corporation in the U.S.
To elect S-corp tax treatment, businesses must fill out and submit Form 2553 to the Internal Revenue Service (IRS). Below, get step-by-step instructions on how to fill out this tax form, deadlines, and important things you should know prior to filing Form 2553.