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TM 245 SCORE ACTIVITIES REPORT OF GENERAL CORPORATIONS TO BE FILED ONLY BY S CORPORATIONS DISCLAIMING LIABILITY FOR TAX. THE FILING OF THIS REPORT DOES NOT CONSTITUTE THE FILING OF A RETURN *32511691*

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How to fill out 245 s-corp

01

Gather all the necessary documents such as Articles of Incorporation, Employer Identification Number (EIN), and Corporate Resolution.

02

Complete Form 2553 to elect S-Corp status for your corporation.

03

Include all relevant information in the Form 245, such as the corporation's name, EIN, address, and fiscal year-end.

04

Provide details about the corporation's shareholders, including their names, addresses, and ownership percentages.

05

Attach any required supporting documentation, such as financial statements or shareholder agreements.

06

Submit the completed Form 245 to the appropriate tax authorities along with any applicable fees.

07

Keep a copy of the submitted form and any related documentation for your records.

Who needs 245 s-corp?

01

Small business owners who want to take advantage of the benefits of an S-Corp may need to fill out Form 245.

02

S-Corps are beneficial for businesses with limited liability, as it separates the personal assets of the owner from the business.

03

Owners who want to pass through profits and losses directly to shareholders for tax purposes can benefit from using Form 245.

04

Shareholders who want to avoid double taxation on corporate income may choose to elect S-Corp status using Form 245.

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What is 245 s-corp?

245 s-corp is a tax election that allows small business corporations to avoid being taxed twice - at the corporate level and then again at the individual level.

Who is required to file 245 s-corp?

Any eligible small business corporation can choose to file for 245 s-corp status.

How to fill out 245 s-corp?

To elect S-Corp status, a corporation must file Form 2553 with the IRS.

What is the purpose of 245 s-corp?

The purpose of 245 s-corp is to avoid double taxation by allowing income to pass through to the shareholders and be taxed at their individual tax rates.

What information must be reported on 245 s-corp?

A corporation electing S-Corp status must provide basic information such as the corporation's name, address, and EIN.

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