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.
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...
You wish to elect S-Corp tax treatment starting with business tax year 1/1/2015-12/31/2015. Your window to file the election is 1/1/2014 - 3/15/2015.For more detailed information on these rules and relief for late election, please see Instructions for Form 2553...
S corps can obtain an EIN by completing and filing IRS Form SS-4. 7. Elect S corp status Once you’ve incorporated your business and met the S corp requirements, you can gain S corporation status by filing Form 2553 (Election by a Small Business Corporation) with the IRS. All of your...
It then must file Form 2553 with the IRS. This form is known officially as Election by a Small Business Corporation. It states that the IRS will accept the S corp status only if the business meets all the qualifications for the status, “all shareholders have signed the consent statement, ...
S Corporation Form 2553 Filing Deadline S corporations must make a timely filing of Form 2553 with the IRS. The form must be completed and filed any time before the 16th day of the 3rd month of the tax year in which the election is to take effect, or any time during the tax year pr...
The election of an S Corporation allows the entrepreneur to distribute the profits of the business to the owner-employees in the form of salaries and distributions. As such, it’s only the salary that’s subjected to FICA taxes. Distributions are only subjected to income tax. S Corps pay mi...
state, you will need to file Form 2553 with the IRS if you wish your corporation to be taxed under Subchapter S. The IRS instructions—which can be a bit tough to follow—require that an election is considered effective in the current tax year only if the Form 2553 is completed and ...
The guidance consists of four steps which include filing for Form 2553, Election by a Small Business Corporation. The final step in the shift is filing for a Form 1120S U.S. Income Tax Return for an S corporation. It mentions that the guidance offers information on the relief provided to...
IRS. Draft a letter to the IRS requesting that your S corporation election, made when you filedIRS Form 2553- Election by a Small Business Corporation, be withdrawn. State the effective date of the withdrawal. Send the letter to the IRS service center that processed the original election ...