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The corporation intended to be classified as an S corporation is an eligible entity; it fails to qualify for an S corporation election because Form 2553 is not filed on time; there is reasonable cause for missing the deadline, or the corporation and all shareholders reported their income in a...
Internal Revenue Service (IRS) concerning the incorrect reporting of income tax return and payment of the taxes by a qualified subchapter S trust (QSST). IRS found that improper filing and payment of taxes by the QSST rather than the income beneficiary were not circumstances described in the U...
Is Form 2553 Right For Your Company? IRS Form 2553 can be a game-changer for the right company. The potential tax savings will undoubtedly pique the interest of many C corps and LLCs. But don’t jump into making an S corp election without careful thought and consideration. ...