Signature of officer Title For Paperwork Reduction Act Notice see page 4 of the instructions. Cat. No. 18629R Rev. 12-2002 Form 2553 Rev. 12-2002 Page Selection of Fiscal Tax Year All corporations using this part must complete item O and item P Q or R. An existing corporation retaining the tax year entered in item I Part I. If the fiscal year entered in item I Part I is requested under the prior approval provisions of Rev. Proc. 2002-39 1. Check here 2002-22 I. 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. Check here 2002-22 I. 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. See the instructions for details regarding the gross receipts from sales and services. If the IRS proposes to disapprove...the requested fiscal year do you want a conference with the IRS National Office Yes No to show that the corporation intends to make a back-up section 444 election in the event the corporation s business purpose request is not approved by the IRS. See instructions for more information. to accept this election for S corporation status in the event 1 the corporation s business purpose request is not approved and the corporation makes a back-up section 444 election but is ultimately not qualified to...make a section 444 election or 2 the corporation s R Section 444 Election To make a section 444 election you must check box R1 and you may also check box R2. to show the corporation will make if qualified a section 444 election to have the fiscal tax year shown in item I Part I. Form Election by a Small Business Corporation Under section 1362 of the Internal Revenue Code Rev* December 2002 Department of the Treasury Internal Revenue Service OMB No* 1545-0146 See Parts II and III on back and the...separate instructions. The corporation may either send or fax this form to the IRS* See page 2 of the instructions. Notes 1. Do not file Form 1120S U*S* Income Tax Return for an S Corporation for any tax year before the year the election takes effect. 2. This election to be an S corporation can be accepted only if all the tests are met under Who May Elect on page 1 of the instructions all shareholders have signed the consent statement and the exact name and address of the corporation and other...required form information are provided* 3. If the corporation was in existence before the effective date of this election see Taxes an S Corporation May Owe on page 1 of the instructions. Part I Election Information Name of corporation see instructions Please Type or Print 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 and ZIP code C State of incorporation D Check the applicable box es if the...corporation after applying for the EIN shown in A above changed its name E Election is to be effective for tax year beginning month day year F Name and title of officer or legal representative who the IRS may call for more information or address / G Telephone number of officer or legal representative H If this election takes effect for the first tax year the corporation exists enter month day and year of the earliest of the following 1 date the corporation first had shareholders 2 date the...corporation first had assets or 3 date the corporation began doing business I Selected tax year Annual return will be filed for tax year ending month and day If the tax year ends on any date other than December 31 except for a 52 53-week tax year ending with reference to the month of December you must complete Part II on the back.
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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
Editing IRS 2553 can be done using various tools designed for PDF manipulation. To ensure accuracy when completing the form, you can utilize pdfFiller, which allows you to edit and modify the document easily. Simply upload the IRS 2553 form to pdfFiller, make the necessary changes, and save or print the updated version. This ensures that all entries are correct before submission.
How to fill out IRS 2553
Filling out IRS 2553 requires careful attention to detail. Start by providing your business information, including your legal name, address, and the date you wish to elect S corporation status. Next, you need to specify the name and taxpayer identification number of each shareholder, ensuring they all consent to the election. Finally, provide the fiscal year details, ensuring that the selected year aligns with your tax obligations.
Following these steps can streamline the completion process:
01
Gather necessary business and shareholder information.
02
Indicate the effective date of the S corporation election.
03
Submit the completed form in a timely manner to ensure compliance.
About IRS 2 previous version
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
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?
About IRS 2 previous version
What is IRS 2553?
IRS 2553 is the form used to elect S corporation status for a corporation or limited liability company (LLC). This election allows eligible entities to be taxed as S corporations, which can provide benefits such as pass-through taxation. Proper completion of IRS 2553 is crucial for entities planning to take advantage of this tax structure.
What is the purpose of this form?
The purpose of IRS 2553 is to inform the Internal Revenue Service (IRS) of your intention to elect S corporation treatment. This option can lead to tax savings and simplified taxation on business profits and losses. Additionally, the form establishes the entity's compliance with the eligibility criteria necessary for maintaining S corporation status.
Who needs the form?
Corporations and LLCs that meet specific requirements and wish to be taxed as S corporations need to file IRS 2553. Generally, to qualify, the entity must be a domestic corporation, have no more than 100 shareholders, and all shareholders must be individuals, certain trusts, or estates. Furthermore, the corporation must not possess more than one class of stock.
When am I exempt from filling out this form?
You may be exempt from filling out IRS 2553 if your business is a sole proprietorship or if you do not wish to elect S corporation status. Additionally, certain professionals and specified businesses may not qualify to file this form, such as those providing personal service or financial institution entities.
Components of the form
IRS 2553 consists of several sections where you will provide essential information about your business and shareholders. Key components include the entity's name, address, shareholder consent statements, and details regarding the election's effective date. Complete each section accurately to avoid complications during processing.
What are the penalties for not issuing the form?
If you fail to file IRS 2553 when required, your corporation or LLC may miss out on S corporation status, resulting in unfavorable taxation as a C corporation. This could lead to a higher overall tax burden. Additionally, penalties may be assessed for failure to file or incorrect submissions, so ensuring timely and accurate filing is critical.
What information do you need when you file the form?
When filing IRS 2553, gather the following information:
01
Your business name and address.
02
The date you want the S election to take effect.
03
The names and taxpayer identification numbers of all shareholders.
04
Each shareholder's consent to the S corporation election.
Having this information prepared will facilitate smoother completion and submission of the form.
Is the form accompanied by other forms?
In some cases, IRS 2553 may need to be accompanied by other forms, such as the IRS Form 8832, which is used to classify an entity for federal tax purposes. It is important to review any additional requirements that may apply to your specific situation to ensure compliance.
Where do I send the form?
The completed IRS 2553 should be sent to the IRS service center that corresponds to your business location. This varies depending on whether you are filing as a corporation or an LLC, so consult the IRS instructions for the specific mailing address. Make sure to keep a copy of the submitted form for your records.
FAQ about IRS 2553
What should I do if I realize I made a mistake after submitting my irs form 2553 fill?
If you discover an error after filing, you can submit an amended irs form 2553 fill to correct it. Be sure to clearly indicate that it is an amended form and include a detailed explanation of the changes. It's also advisable to keep documentation of your original submission and any correspondence regarding the amendment.
How can I check the status of my irs form 2553 fill after submission?
To verify the receipt and processing of your irs form 2553 fill, you can contact the IRS directly or check their online tools if available. Common rejection codes for e-filing can also be found through the IRS website, which may help you understand any issues with your submission.
Are there specific data security measures I should consider when submitting my irs form 2553 fill electronically?
When e-filing your irs form 2553 fill, ensure that you are using secure internet connections and trusted software. Check if the e-filing service complies with IRS data security standards, as this will protect your personal information during submission.
What should I do if I receive a notice from the IRS regarding my irs form 2553 fill?
If you receive a notice, it is crucial to read it carefully and understand what issues may have arisen with your irs form 2553 fill. Prepare any necessary documentation and respond within the specified timeframe to avoid penalties or further complications.
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