Elect Your Company To S Corporation With Just a Few Clicks. Let our experienced team review and e-file your S-Corp election (IRS Form 2553) with the IRS and appropriate state agencies.
An LLC can decide to be taxed as an S-corporation or a C-corporation by filing an election with the IRS. When the filing is complete, the LLC will be considered the same as a corporation according to the IRS. It will file the appropriate tax forms for that kind of entity. Many LLC...
Withdraw your election to be taxed as an S corporation with the IRS. Draft a letter to the IRS requesting that your S corporation election, made when you filed IRS Form 2553 - Election by a Small Business Corporation, be withdrawn. State the effective date of the withdrawal. Send the lette...
8. File the IRS Form 2553. Fill out and submit Form 2553, Election by a Small Business Corporation, to the IRS to establish S-corp tax status. If your business is an LLC that chooses to be taxed like an S-corp, you must file Form 1120-S with the IRS. 6 Differences Between a ...
The final step for creating an LLC is to choose the company’s tax status when you apply for an employer identification number (EIN) with the IRS. S corp To qualify to start an S corp, you must file Form 2553, Election by a Small Business Corporation, with the IRS and meet strict an...
Then, move on to your S corporation election information: Boxes E and F:Enter the date you want your S corp status to take effect and select your tax year. Consulting with a professional is a good idea if you want to choose an option other than a calendar year. ...
Form 2553 (the S Corp election form) must be filed with the IRS which tells the IRS that your entity (LLC, partnership or C corporation, and the professional variants) wants to be taxed as an S corporation. It is typically due within 75 days of forming your business entity or the start...
Once your LLC or C corporation formation is approved by the state, you need to file Form 2553, Election by a Small Business Corporation, to get S corporation status. The Internal Revenue Service requires that you complete and file your Form 2553 with the IRS: Within 75 days of the form...
Although the IRS governs the S corporation tax election, the rules that define personal liability come from state corporation laws. This means: If your business is sued, your state’s corporate laws will determine whether personal liability protection holds. Each state has different thresholds for ...
IRS requirements for an S corp How to create an S corp How does an S corp work? Here’s how to form an S corp and how it functions. Formation and election A business legally registers with the state as a corporation. The corporation then elects S corp status by filing Form 2553,“...