IRS Instruction 2553 2013 free printable template

10 Apr 2014 ... One of the fundamental rights of a shareholder is the right to vote. However, shareholders do not get to vote on most corporate matters. Instead, their right to vote is limited to

Instructions and Help about IRS Instruction 2553

How to edit IRS Instruction 2553

How to fill out IRS Instruction 2553

Instructions and Help about IRS Instruction 2553

How to edit IRS Instruction 2553

To edit IRS Instruction 2553, you can use tools such as pdfFiller that allow for easy modifications of tax forms. Begin by downloading the form from the IRS website or accessing a digital copy within pdfFiller. Make the necessary changes by clicking on the specific fields you want to edit, and save your updated version.

How to fill out IRS Instruction 2553

Filling out IRS Instruction 2553 requires clear information about your business and its elected tax status. First, gather all relevant details, including the business name, address, and the tax year for the election. Complete each section of the form accurately, ensuring that all required signatures are included.

About IRS Instruction 2 previous version

What is IRS Instruction 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

Due date

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 Instruction 2 previous version

What is IRS Instruction 2553?

IRS Instruction 2553 provides guidance for entities seeking to elect S corporation status under the Internal Revenue Code. This instruction outlines the procedures for qualifying businesses to make the election and specifies how to fill out the accompanying Form 2553.

What is the purpose of this form?

The primary purpose of IRS Instruction 2553 is to facilitate the election of S corporation status for eligible domestic corporations. By electing this status, businesses can benefit from pass-through taxation, allowing income and losses to be reported on shareholders’ tax returns instead of at the corporate level.

Who needs the form?

Entities that need to file IRS Instruction 2553 include domestic corporations that intend to be treated as S corporations for tax purposes. This form is crucial for those businesses that meet the eligibility criteria, including having no more than 100 shareholders and having only one class of stock.

When am I exempt from filling out this form?

You may be exempt from filing IRS Instruction 2553 if your corporation does not wish to elect S corporation status, or if you are a different type of business entity, such as a partnership or sole proprietorship. Additionally, if your business structure hasn’t changed, and you are continuing with standard corporate taxation, this form is unnecessary.

Components of the form

The components of IRS Instruction 2553 include detailed instructions for completing the form, eligibility requirements, and specific sections where entities must provide their business details. Key areas of focus include shareholder information, the consent of shareholders, and the designated tax year for the S corporation election.

Due date

The due date for filing IRS Instruction 2553 is the 15th day of the third month following the end of your tax year. This means that if your business operates on a calendar year, the deadline would typically fall on March 15. Meeting this deadline is crucial to ensuring your S corporation election is valid for the intended tax year.

What are the penalties for not issuing the form?

Failure to file IRS Instruction 2553 may result in significant tax implications, including being taxed as a standard corporation, which might not be financially beneficial. Additionally, if the deadline is missed without valid reasons, the S corporation status could be permanently lost, leading to further tax burdens on the business owners.

What information do you need when you file the form?

When filing IRS Instruction 2553, you will need to provide essential information about your business, including its legal name, address, Employer Identification Number (EIN), and the names and addresses of all shareholders. It is also necessary to have the tax year selected for the S corporation status ready, along with the consent signatures of all shareholders.

Is the form accompanied by other forms?

No additional forms are required to file IRS Instruction 2553; however, if you are submitting Form 2553 to the IRS, you may need to include a copy of the corporation’s articles of incorporation or additional records to support the validity of the election. It’s important to verify specific filing rules or requirements based on your business structure.

Where do I send the form?

IRS Instruction 2553 must be sent to the appropriate service center based on the principal office address of the corporation. Addresses may vary, so it is vital to check the latest IRS guidelines provided on their official website to ensure the submission reaches the correct location.

FAQ about IRS Instruction 2553

What should I do if I realize I've made a mistake on my IRS Instruction 2553?

If you've made an error on your IRS Instruction 2553, you can submit an amended form to correct the mistake. It’s important to clearly indicate that the form is a correction and to provide the correct information. Always ensure you keep copies of both the original and amended submissions for your records.

How can I track the status of my IRS Instruction 2553 submission?

To track your IRS Instruction 2553 submission, you can use the IRS online tools designed for status checking. This will allow you to see if your form has been received and is being processed. Make sure to note any common rejection codes you may encounter and take appropriate actions to resolve them.

Is it acceptable to use an e-signature on my IRS Instruction 2553?

Yes, you can use an e-signature on your IRS Instruction 2553, provided that it complies with IRS requirements. This includes ensuring your e-signature is secure and verifiable to meet ongoing compliance and privacy standards.

What should I do if I receive an audit notice related to my IRS Instruction 2553?

If you receive an audit notice regarding your IRS Instruction 2553, first read the notice carefully to understand the issue. Prepare your documentation, including your form and any supporting evidence. It may also be beneficial to consult a tax professional to assist in addressing the audit effectively.

What common errors should I avoid when submitting my IRS Instruction 2553?

Common errors when submitting an IRS Instruction 2553 include incorrect identification numbers, missing signatures, or failing to provide adequate explanations for any discrepancies. To prevent these mistakes, double-check all entries and ensure that your form is fully completed before submission.