IRS 2553 2017-2025 free printable template

To make the election you must complete Form 8716 Election To Have a Tax Year Other Than a Required Tax Year and either attach it to Form 2553 or file it separately. In order for the trust named above to be a QSST and thus a qualifying shareholder of the S corporation for which this Form 2553 is filed I hereby make the election under section 1361 d 2. R.B. 1046. Attach to Form 2553 a statement describing the relevant facts and circumstances and if applicable the gross receipts from sales and...services necessary to establish a business purpose. Name or address If more than 100 shareholders are listed for item J see page 2 check this box if treating members of a family as one shareholder results in no more than 100 shareholders see test 2 under Who May Elect in the instructions Name and title of officer or legal representative whom the IRS may call for more information Telephone number of officer or legal representative If this S corporation election is being filed late I declare I had...reasonable cause for not filing Form 2553 timely. Signature of officer For Paperwork Reduction Act Notice see separate instructions. Title Date Cat. No. 18629R Form 2553 Rev. 12-2017 Page Name J Name and address of each shareholder or former shareholder required to consent to the election. see instructions K Shareholder s Consent Statement consent to the election of the above-named corporation entity to be an S corporation examined this consent statement including accompanying documents and to...the best of my knowledge and belief the election contains all the relevant facts relating to the election and such facts are true correct and complete. Form Election by a Small Business Corporation Under section 1362 of the Internal Revenue Code Including a late election filed pursuant to Rev* Proc* 2013-30 Rev* December 2017 Department of the Treasury Internal Revenue Service OMB No* 1545-0123 You can fax this form to the IRS* See separate instructions. Go to www*irs*gov/Form2553 for...instructions and the latest information* Note This election to be an S corporation can be accepted only if all the tests are met under Who May Elect in the instructions all shareholders have signed the consent statement an officer has signed below and the exact name and address of the corporation entity and other required form information have been provided* Part I Election Information Name see instructions Type or Print D E F G H I A Employer identification number Number street and room or...suite no. If a P. O. box see instructions. B Date incorporated City or town state or province country and ZIP or foreign postal code C State of incorporation Check the applicable box es if the corporation entity after applying for the EIN shown in A above changed its Election is to be effective for tax year beginning month day year see instructions. Caution A corporation entity making the election for its first tax year in existence will usually enter the beginning date of a short tax year that...begins on a date other than January 1.

Instructions and Help about IRS 2553

How to edit IRS 2553

How to fill out IRS 2553

Instructions and Help about IRS 2553

How to edit IRS 2553

To edit IRS 2553, start by obtaining a blank copy from the IRS website or your tax professional. Make sure to use a clear and legible format when filling it out. If using pdfFiller, upload the form to access editing tools that allow you to make direct changes, including adding or removing text. Always save your edits and create a backup of the completed form.

How to fill out IRS 2553

Filling out IRS 2553 requires careful attention to detail. Follow these steps:

1. Obtain the current version of IRS 2553 from the IRS website.
2. Provide the name and address of your corporation on the top of the form.
3. Indicate the tax year for which you're electing treatment and the effective date.
4. Complete the section on shareholders, including names, addresses, and shares owned.
5. Sign and date the form to certify the information is accurate.

Latest updates to IRS 2553

Latest updates to IRS 2553

Check the IRS website regularly for any updates to IRS 2553. Typically, changes may occur annually, reflecting new tax laws or procedural adjustments. Staying informed can help ensure compliance and avoid mistakes during submission.

All You Need to Know About IRS 2553

What is IRS 2553?

What is the purpose of this form?

Who needs the form?

When am I exempt from filling out this form?

Components of the form

Due date

What payments and purchases are reported?

How many copies of the form should I complete?

What are the penalties for not issuing the form?

What information do you need when you file the form?

Is the form accompanied by other forms?

Where do I send the form?

All You Need to Know About IRS 2553

What is IRS 2553?

IRS 2553 is the form used by corporations to elect S Corporation status for tax purposes. This tax election allows businesses to pass corporate income, losses, deductions, and credits through to shareholders for federal tax purposes, avoiding double taxation.

What is the purpose of this form?

The primary purpose of IRS 2553 is to enable eligible corporations to elect S Corporation status. This election benefits shareholders by allowing income to be taxed at the individual level rather than the corporate level, which can result in tax savings.

Who needs the form?

Corporations seeking S Corporation status must file IRS 2553. This includes qualifying small business corporations with no more than 100 shareholders, all of whom must be U.S. citizens or residents. Certain types of corporations, like banks and insurance companies, are ineligible and cannot use this form.

When am I exempt from filling out this form?

You may be exempt from filing IRS 2553 if your corporation does not need S Corporation status. Examples include corporations planning to remain as C Corporations or those that do not meet eligibility requirements, such as a corporation with more than 100 shareholders.

Components of the form

IRS 2553 comprises several key sections, including:

1. Basic corporation information – Name, address, and EIN.
2. Shareholder details – Information on each shareholder and their ownership percentage.
3. Election year and date – Indicate the effective date of the S Corporation election.

Each section must be filled out accurately to ensure a valid submission.

Due date

The due date for filing IRS 2553 is typically 75 days after the beginning of the tax year for which the election is to take effect. For new corporations, it should be filed by the 15th day of the third month after incorporation.

What payments and purchases are reported?

IRS 2553 does not directly report payments or purchases. Instead, it serves as a declaration for S Corporation status, which affects how income and distributions are reported on individual tax returns for shareholders.

How many copies of the form should I complete?

You need to complete one original copy of IRS 2553 and keep it for your records. Additionally, ensure that all shareholders receive a copy for their records.

What are the penalties for not issuing the form?

Failing to file IRS 2553 can result in your corporation being taxed as a C Corporation, leading to double taxation on corporate profits. Additionally, missed deadlines may result in the loss of S Corporation status for that tax year.

What information do you need when you file the form?

When filing IRS 2553, gather the following information:

1. Corporate name and address.
2. Employer Identification Number (EIN).
3. Names and addresses of all shareholders.
4. Number of shares owned by each shareholder.
5. The effective date of election.

Having this information ready ensures a smoother filing process.

Is the form accompanied by other forms?

IRS 2553 is generally submitted alone but may be accompanied by IRS 8832 if electing classification as a corporate entity or needing to clarify tax status. Always check specific filing requirements based on your corporation's circumstances.

Where do I send the form?

Submit IRS 2553 to the address listed in the instructions accompanying the form. Typically, submissions can be sent to the appropriate address depending on your corporation's location or through fax if specified.

FAQ about IRS 2553

What steps should I take if I made a mistake on my IRS 2553 form?

If you realize you've made an error on your IRS 2553, you can submit a corrected form. Make sure to use the latest version and mark it as an amended filing. It's advisable to include an explanation of the changes made to avoid confusion during processing.

How can I track the status of my IRS 2553 form after submission?

To track your IRS 2553 status, you can contact the IRS directly or check via their online systems. Keep in mind that it may take several weeks for processing, and if you used e-filing, note any common rejection codes to resolve potential issues swiftly.

What are the common errors to avoid when filing the IRS 2553?

When completing the IRS 2553, ensure all required fields are filled accurately, including the selection of your tax year. Double-check signatures and ensure all supporting documents are included. These steps help prevent delays or rejections of your submission.

What should I do if I receive a notice from the IRS regarding my submitted form?

If you receive a notice from the IRS concerning your IRS 2553, it's crucial to read it carefully for specific instructions. You may need to gather documentation or provide additional information. Respond promptly to avoid any compliance issues.

Can I e-file the IRS 2553, and what technical requirements are needed?

Yes, you can e-file the IRS 2553 through certified tax software. Ensure that your chosen software is compatible with the IRS systems, and keep your browser up to date to prevent technical issues during submission.