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S1072.2 ___SUBSTITUTE SENATE BILL 5578 ___State of Washington68th Legislature 2023 Regular SessionBy Senate Law & Justice (originally sponsored by Senators Padden and McCune)AN ACT Relating to the
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Form 5578-SD is a document used for the submission of certain tax-related information by S corporations to the IRS.
S corporations that have made a Section 1362 election and need to report specific information with respect to shareholders are required to file Form 5578-SD.
To fill out Form 5578-SD, you need to provide information about the S corporation, including details about the shareholders and their ownership interests, income, and deductions as necessary.
The purpose of Form 5578-SD is to report information related to the S corporation's shareholders and to maintain compliance with IRS requirements.
Information that must be reported includes the names and addresses of shareholders, their ownership percentages, and details regarding income allocations and deductions.
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