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This document provides guidance for banks seeking to change their method of accounting for bad debts and elect S corporation status for the tax year beginning in 1997, detailing the required forms
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How to fill out form 2553 and form
How to fill out Form 2553 and Form 1128
01
Obtain Form 2553 from the IRS website or local office.
02
Fill out the company name, address, and employer identification number (EIN) at the top of the form.
03
Indicate the type of entity, such as corporation or LLC.
04
Choose the effective date of the election and ensure it is within the approved timeframe.
05
Gather consent from all shareholders and have them sign and date the form.
06
Submit Form 2553 to the IRS by mail or electronically if applicable.
07
Obtain Form 1128 if you are applying for a late election.
08
Fill out Form 1128 with the necessary information regarding the late election.
09
Provide an explanation for the late filing in the designated section of the form.
10
Ensure all required signatures and dates are included before submitting it to the IRS.
Who needs Form 2553 and Form 1128?
01
Corporations that want to elect S Corporation status to avoid double taxation.
02
Business owners who missed the deadline for S Corporation election and need to file for late election.
03
Entities currently taxed as corporations that wish to change their tax classification.
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What is Form 2553 and Form 1128?
Form 2553 is a tax form used by small businesses to elect to be taxed as an S corporation. Form 1128 is used to apply for a change in the accounting period or to make other elections related to a corporation's tax structure.
Who is required to file Form 2553 and Form 1128?
Form 2553 must be filed by corporations that wish to elect S corporation status, typically by small businesses meeting certain criteria. Form 1128 is required for businesses that want to change their accounting period or make specific tax elections.
How to fill out Form 2553 and Form 1128?
To fill out Form 2553, businesses must provide information about their corporation, including the number of shareholders and tax year. Form 1128 requires details about the current accounting period, proposed changes, and information about the business structure.
What is the purpose of Form 2553 and Form 1128?
The purpose of Form 2553 is to allow eligible corporations to elect S corporation status to avoid double taxation. The purpose of Form 1128 is to allow businesses to change their accounting periods or make specific elections related to taxation.
What information must be reported on Form 2553 and Form 1128?
Form 2553 requires information about the corporation's name, address, tax identification number, and shareholder details. Form 1128 requires the current accounting period, the requested change, and relevant business details.
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