Form 2553

Form 2553

A form that a small business files with the IRS to be treated as an S-corporation for tax purposes.
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A partnership, existing S corporation, or PSC that wants to adopt a tax year other than its required tax year must file a Form 1128 (a corporation electing S status uses Form 2553, Election by a Small Business Corporation) and demonstrate a business purpose to obtain IRS approval before adopting that tax year (the procedures discussed below for changing a tax year apply to these adoptions) or elect to use a different tax year under Sec.
If Form 2553 is filed late, S corporation treatment will begin with calendar year 2018.
Also, if it is a corporation, have the owners considered utilizing an S corporation election by filing Form 2553 with the IRS?
For federal tax purposes, a corporation must file Form 2553, Election by a Small Business Corporation, to gain S corporation status.
Every time the IRS accepts a Form 2553, "Election by a Small Business Corporation," it sends a CP261, "Notice of Acceptance as an S Corporation.
The entity fails S status solely because it failed to timely file Form 2553 with the applicable campus;
If an entity wants to be classified as an S Corporation, do they have to file both a Form 8832, Entity Classification Election, and a Form 2553, Election by a Small Business Corporation?
Procedurally, the LLC in this case would file Form 8832, elect to be treated as a corporation, and then file Form 2553 and elect to be treated as an S Corporation.
For example, if you elect S corporation status, you'll need to file an election on Form 2553 with the IRS, This simple form can be filled out after consulting with an attorney, in lieu of paying for the administrative time.
The election to be treated as an S-corporation must be made with the Internal Revenue Service on Form 2553 on or before the 15th day of the third month of a corporation's fiscal year (March 15 for a calendar-year company).
in number and type of shareholders and having only one class of stock), it can file a Form 2553, Election by a Small Business Corporation.
In addition, the Form 2553 must include a statement explaining the reason for the failure to timely file the election(s).