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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References in periodicals archive ?
The revocation is made by a corporation in the form of a statement filed with the IRS Service Center where the corporation properly filed its S election, Form 2553, Election by a Small Business Corporation.
File Form 2553, Election by a Small Business Corporation, to choose to be treated as an S corporation beginning with calendar year 2019.
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." This acceptance letter specifically emphasizes the requirement for shareholder-employees to be paid reasonable compensation for the services that they provide to the 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).
The deadline for filing Form 2553, Election by a Small Business Corporation, differs depending on whether the corporation is already in existence (i.e., operating as a C corporation) or newly formed.
2007-62, the entity must file a properly completed Form 2553, Election by a Small Business Corporation, with a Form 1120S, U.S.