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IRS 2553 2013 free printable template

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Form Rev. December 2013 Department of the Treasury Internal Revenue Service Note. Part I Election by a Small Business Corporation Under section 1362 of the Internal Revenue Code OMB No. 1545-0123 See Parts II and III on page 3. You can fax this form to the IRS see separate instructions. Information about Form 2553 and its separate instructions is at www.irs.gov/form2553. Sign Here Signature of officer For Paperwork Reduction Act Notice see separate instructions. Date Title Cat. No. 18629R...
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How to fill out form 2553 2013

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How to fill out form 2553 2013:

01
Start by obtaining the form 2553 2013 from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
02
Carefully read the instructions provided with the form to ensure that you understand the requirements and eligibility criteria for filling out this form.
03
Begin filling out the form by providing the company's name, address, and employer identification number (EIN).
04
Indicate the tax year for which the election is being made.
05
Determine the eligibility status of the business entity and the type of tax classification it is seeking.
06
Provide the required details regarding the shareholders or members of the business entity.
07
Include the effective date of the tax classification election.
08
Sign and date the form, ensuring that all necessary parties have authorized the election.
09
Review the completed form for accuracy and completeness before submitting it to the IRS.

Who needs form 2553 2013:

01
Small businesses and certain eligible entities that want to elect to be treated as an S corporation for federal tax purposes.
02
Businesses that meet the specific criteria set by the IRS, such as having no more than 100 shareholders, having only eligible shareholders, and not being a bank or insurance company.
03
Individuals or entities that want to take advantage of the tax benefits and flexibility offered by S corporation status, such as pass-through taxation and limited liability protection.

Who needs a Form IRS 2553?

A corporation or other entity eligible to choose to be treated as a corporation should file the form 2553 IRS to make an election to be an S corporation. An applicant who filed the 2553 form treated as S corporation does not need to file Form 8832, Entity Classification Election.

What is the IRS form 2553 for?

The income of an S corporation generally is taxed to the shareholders of the corporation rather than to the corporation itself. However, an S corporation may still owe tax on certain income.

This provides the following information:

  • - Election information and employer identification number;
  • - Reasons for not filing IRS 2553 timely, if so;
  • - Personal information on each shareholder required to consent the election and their consent statements;
  • - Selection of fiscal tax year;
  • - S Trust (SST) Election Under Section 1361.

Is the IRS 2553 form accompanied by other forms?

Certain late elections can be filed attached to Form 1120S.

When is tax Form 2553 due?

  • - No more than two months and 15 days after the beginning of the tax year the election is to take effect, or
  • - At any time during the tax year preceding the tax year it is to take effect.

How do I fill out the fillable Form 2553?

The list of items that you have to fill out was specified above.

Where do I send the IRS form 2553 PDF?

For the latest mailing address of 2553 form, go to IRS.gov and enter “Where to file Form 25” 3” in the search box. Addresses may differ depending on the state in which the head office of the corporation is situated.

Instructions and Help about form 2553 2013

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...

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Form 2553 is an Internal Revenue Service (IRS) tax form used by certain small business corporations and eligible Limited Liability Companies (LLCs) to elect their tax treatment. The form is called "Election by a Small Business Corporation" and is used to elect S corporation status for tax purposes. By filing Form 2553, eligible entities can elect to be treated as an S corporation, which can provide certain tax advantages.
Form 2553 is required to be filed by certain eligible small business corporations or entities to elect to be treated as an S corporation for tax purposes. According to the IRS guidelines, the following conditions must be met for entities to file Form 2553: 1. The entity must be a domestic corporation. 2. The entity must be eligible to be treated as an S corporation, such as by having only allowable shareholders (individuals, certain trusts, and estates) and a maximum of 100 shareholders. 3. All shareholders must consent to the election. 4. The entity must have a tax year that ends on December 31st. If these conditions are met, the entity is required to file Form 2553 with the Internal Revenue Service (IRS) to make the election to be treated as an S corporation.
Filling out Form 2553, also known as the Election by a Small Business Corporation, is a process that allows a qualifying corporation to be treated as an S corporation for tax purposes. Here is a step-by-step guide on how to fill out Form 2553: 1. Obtain the form: The most recent version of Form 2553 can be found on the official website of the Internal Revenue Service (IRS). Download and print the form for manual filling, or use an online software that offers electronic form filling options. 2. Provide general information: Provide the name of the corporation, mailing address, employer identification number (EIN), and date of incorporation. 3. Select the tax year: Indicate the tax year for which you are filing Form 2553. 4. Choose the eligibility criteria: Check the box that reflects the eligibility criteria for filing Form 2553. Generally, an eligible corporation must be a domestic corporation, have only allowable shareholders (individuals, estates, certain trusts), have no more than 100 shareholders, and have only one class of stock. 5. Specify the election: State the effective date of the S corporation election, which can be either the first day of the tax year the election is made or a later date, not exceeding two months and 15 days after the start of the tax year the election is being made. 6. Determine the shareholder information: Provide the name, address, and social security number or EIN for each shareholder. Additionally, specify the percentage of ownership for each shareholder. 7. Get shareholder consent: Every shareholder listed must sign and date the form to indicate their agreement with the election to be treated as an S corporation. 8. Authorize the corporation: An authorized officer of the corporation, such as the president or vice president, must sign and date the form to certify that the information provided is accurate. 9. Submit the form: Once the form is completed, make a copy for your records and mail the original to the appropriate address provided in the form's instructions. Alternatively, if you are using an online software, follow the instructions provided to submit the form electronically. Remember to review the form carefully before submission to ensure accuracy. It is recommended to consult with a tax professional or attorney for further guidance, as individual circumstances may vary.
Form 2553 is used by eligible small business corporations (S corporations) to elect to be treated as a pass-through entity for tax purposes. The purpose of filing Form 2553 is to obtain S corporation status, which allows the business to pass its income, deductions, and credits through to its shareholders. This means the business itself is not subject to federal income tax, and the shareholders report and pay taxes on their share of the S corporation's income on their individual tax returns. The form must be filed with the Internal Revenue Service (IRS) within a specific timeframe after the incorporation or beginning of the tax year the election is to take effect.
Form 2553 is used to apply for S corporation status with the Internal Revenue Service (IRS). The form requires the following information to be reported: 1. Eligibility: The form starts with a brief eligibility checklist to ensure the organization meets the necessary requirements to qualify as an S corporation. 2. Identification: Basic information about the corporation such as the name, address, Employer Identification Number (EIN), and the date of incorporation. 3. Election Information: This section requires you to indicate the effective date of the S corporation election. By default, S corporation status is effective for the tax year requested, but you can also specify a different effective date as long as it is within 75 days of filing the form. 4. Shareholder Information: Details about the corporation's shareholders, including their names, addresses, Social Security Numbers (SSN), the number of shares each holds, and the percentage of ownership. There is space to list up to 75 shareholders on the form, but if the corporation has more shareholders, an additional sheet can be attached. 5. Consent Statement: Every shareholder must provide their consent to elect S corporation status by signing and dating this section. The form contains a statement that all shareholders have signed or provides an explanation if that is not the case. 6. Authorized Officer: The form must be signed and dated by an authorized officer of the corporation, such as the president, vice president, or any other person authorized to sign. Their name, title, phone number, and email address should also be provided. 7. Effective Date: Finally, the authorized officer should indicate the date of the resolution or other action that authorized the filing of the S corporation election. It's important to note that the instructions accompanying Form 2553 provide additional guidance and requirements that must be followed while completing the form. Consulting a tax professional or referring to the IRS guidelines is recommended to ensure the accuracy of the information reported on the form.
The deadline to file Form 2553 in 2023 is generally the 15th day of the third month of the tax year for which you wish to make the election. For most taxpayers, this will be March 15, 2023. However, it is always recommended to consult with a tax professional or refer to the official IRS guidelines to ensure accurate and up-to-date information.
The penalty for late filing of Form 2553 varies depending on the circumstances. If the form is filed late but within 2 months and 15 days after the beginning of the tax year the election is intended to be effective, it will be deemed timely filed. However, if the form is filed late or does not meet the necessary requirements, the corporation or entity may lose its S corporation status and default to being taxed as a regular C corporation. To regain S corporation status after the due date has passed, the entity would need to apply for relief under the IRS's reasonable cause criteria. If approved, the IRS may grant relief and allow the entity to be treated as an S corporation. It's important to consult a tax professional or seek guidance from the IRS for specific and updated information on the penalties and procedures associated with the late filing of Form 2553.
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