Get the free FORM 2553 (REV. 10-1968) - Internal Revenue Service - irs

PM 2553 Election by Small Business Corporation. (Rev. Oct. 1968). U5. T D t. rniernarfa gxnugpasgsieg (As to taxable status under subchapter S of the Internal ...

How to fill out form 2553 rev 10-1968

How to fill out form 2553 rev 10-1968:

1. Start by providing the necessary information at the top of the form. This includes the name of the corporation or eligible entity, its address, and the Employer Identification Number (EIN).
2. Indicate the type of tax form that the corporation or eligible entity previously filed or will file. This could include Form 1120, Form 1120-A, or Form 1120-PC.
3. Specify the date of incorporation or formation of the corporation or eligible entity, as well as the state or foreign country where it was incorporated or formed.
4. Determine the tax year for which the election is being made. This will typically be the current tax year, but it can also be the next tax year if the filing is done prior to the 15th day of the third month of the current tax year.
5. Choose the qualification the corporation or eligible entity meets for making the election. This can include being a small business corporation, a cooperative, or an eligible entity with more than one member.
6. If applicable, provide the name, address, and taxpayer identification number of the person authorized to sign the form on behalf of the corporation or eligible entity.
7. Include the signatures of all shareholders or members of the corporation or eligible entity, as well as the date of their signatures.
8. Attach a statement of consent signed by all shareholders or members of the corporation or eligible entity who are not making the election, indicating their consent to the election being made.

Who needs form 2553 rev 10-1968:

1. Small businesses that want to be treated as S corporations for tax purposes often need to fill out form 2553. This enables them to pass income, deductions, and credits through to their shareholders, who report them on their individual tax returns.
2. Corporations or eligible entities that want to change their tax classification to an S corporation must also submit form 2553. By making this election, the business can avoid the double taxation that is typically associated with regular C corporations.
3. Certain eligible foreign corporations that meet the requirements outlined by the Internal Revenue Service (IRS) can also use form 2553 to elect to be treated as domestic corporations for tax purposes.
4. It is important to note that each shareholder or member of the corporation or eligible entity must consent to the election being made and sign form 2553. This ensures that all parties involved are aware of and agree to the change in tax classification.

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