Completing IRS Form 2553
Form 2553 is relatively straightforward, but careful attention to the instructions is critical. You can find the form and instructions on the IRS website (https://www.irs.gov/forms-pubs/about-form-2553). Here’s a breakdown of the information you’ll need to provide:
Part I: Election Information
- Your corporation’s name, address, and Employer Identification Number (EIN).
- The date on which the corporation was formed.
- The tax year for which the election should take effect.
- Details about the corporation’s stock and shareholders.
Part II: Selection of Fiscal Tax Year (optional)
- If you want your tax year to be something other than a calendar year, you’ll need to complete this section and potentially seek IRS approval.
Part III: Qualified Subchapter S Trust (QSST) Election (optional)
- Select this option if specific trusts are holding shares of the corporation.
Signatures
- All shareholders must sign and date the form. An authorized corporate officer must also sign.
Where to File 2553 Form in US ?
If you want the tax benefits of an S corporation, you must file IRS Form 2553, “Election by a Small Business Corporation.” This form elects the S corporation tax treatment. Filing this form in the proper manner is crucial to ensure your business receives the preferential tax treatment offered to S corporations.
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