IRS Instruction 2553 2007 free printable template

If the corporation changed its name or address after applying for its employer identification number be sure to check the box in item D of Signature Form 2553 must be signed and dated by the president vice president treasurer assistant treasurer chief accounting officer or any other corporate officer such as tax officer authorized to sign. If Form 2553 is not signed it will not be considered timely filed. Column K. Shareholders Consent Statement For an election filed before the effective date...

The IRS recognizes that some small businesses are unable to prepare their own returns, either because they do not understand their obligations or are unwilling to enter into an arrangement with an independent accountant to do so. The IRS also recognizes there are situations in which, due to a lack of information or resources, a small business is unable to prepare and file its own return even if the return would be timely and valid if prepared by an accountant. In addition, businesses that are not required to file Form 1040, U.S. Individual Income Tax Return (Individual Returns generally are not due until April 15 of the year for which the return is required) may be able to file Form 2553, if: The Form 2553 would not be timely filed (or filed incorrectly) if filed by accountant (other than for the tax year to which the election relates, in which case the Form 2553 could be filed after the year in which the Form 1040, U.S. Individual Income Tax Return is due); The corporation must file a return for the same tax year and the corporation files its income tax return (or the statement or certificate required by the individual returns, in which case the Form 2553 may be filed after the year in which the Individual Returns must be filed); The Form 2553 is not a claim for refund of any previously paid tax and The corporation does not have to file an amended return for that tax year to have the Form 2553 filed. In addition, a request to have Form 2553 treated as timely filed may be filed within three years from the end of the tax year in which the timely filed Form 2553 is filed. The Form 2553 should be filed in the form prescribed by the IRS. Form 2553, Information Return for Qualified Small Business Entities and Certain Tax-Profit Small Business Entities, and Form 2553, Tax Return for Certain Tax-Profit Small Business Entities (and a Certificate for Supporting Examination of the Tax Return) are due on or after the 15th day of the month following the tax year for which the Form 2553 is required, even if the filing is due earlier. The information return instructions for Form 2553 may be found in Internal Revenue Bulletin 2006-14. All information needed by the corporation (or by its tax return preparer, administrator or auditor) is included on the form. The Form 2553 replaces Form 1040-C, U.S. Individual Income Tax Return.

Instructions and Help about irs form 2553 2007

IRS Form 2553 Script Hi everyone, I'm Priyanka Prakash, senior staff writer for Fund era. Today I'll show you how to fill out IRS Form 2553: Election by a Small Business Corporation. The most common use for this form is for a limited liability company (LLC) or C-corp that wants to be taxed as an S-corporation. If you correctly complete and submit this form on time, the IRS will treat your business as an S-corp for federal income tax purposes. This means the profits and losses of your business will pass through to the owners’ personal tax returns, and the business itself will not pay an income tax. Now, before you even fill out this form, you should make sure that you meet the requirements for electing S-corp tax status. There's a long list of requirements that you can find in the IRS guide that accompanies this form, but the main requirements are that your company can have no more than 100 shareholders, only one class of stock, and no nonresident alien shareholders. Okay, let's get to the form now. Part 1: Election Information starts with some basic business information, such as your business name, address, and EIN number. If you...