Get the free Instruction 2553 Rev December 2007 Instructions for Form 2553 Election by a Small Bu...

If this S corporation election is being filed with Form 1120S, I declare that I had reasonable cause for not filing Form 2553 timely, and if this election is made by ...

How to fill out instruction 2553 rev december

How to Fill out Instruction 2553 Rev December:

1. Gather the necessary information: Before filling out the form, make sure you have all the required information at hand. This includes the name of the corporation, its EIN (Employer Identification Number), and the calendar year of the election.
2. Complete the first part of the form: In the first section, you need to provide the basic details of the corporation, such as its name, address, and EIN. Fill in this information accurately to avoid any errors.
3. Indicate the tax year and date of the election: In the following section, you will specify the tax year for which the S corporation election is being made. Provide the calendar year of the election and the date on which the election is effective. Note that the election date must be within the first two months and fifteen days of the beginning of the tax year.
4. Enter the shareholder information: List down the names and addresses of all shareholders who are eligible to participate in the S corporation election. Include their pro-rata share of stock holdings and any specific dates of acquisition if necessary.
5. Attach any required statements or schedules: Depending on the situation, you may need to attach additional statements or schedules to the form. Ensure that these documents are properly filled out and provide the necessary details requested by the IRS.
6. Sign and date the form: Once you have completed all the required sections, sign and date Form 2553 to certify its accuracy. Remember, only an authorized person can sign on behalf of the corporation and should provide their title or capacity.

Who Needs Instruction 2553 Rev December:

1. Small Business Owners: Instruction 2553 Rev December is relevant for small business owners who want to elect S corporation status for their business. By doing so, they may benefit from certain tax advantages and pass-through taxation.
2. Corporations: All corporations that are eligible and wish to become an S corporation need to follow the instructions provided in Form 2553. Filling out this form is an essential step in the election process.
3. Individuals with Multiple Businesses: Individuals who operate multiple businesses and meet the requirements for S corporation election may also need to refer to Instruction 2553 Rev December for guidance on filing and completing the form accurately.

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What is instruction 2553 rev december?

Instruction 2553 rev december is a tax form used by eligible small business corporations to elect to be treated as an S corporation for tax purposes.

Who is required to file instruction 2553 rev december?

Small business corporations that meet the requirements set by the IRS are required to file instruction 2553 rev december in order to elect S corporation status.

How to fill out instruction 2553 rev december?

To fill out instruction 2553 rev december, the small business corporation must provide information about its shareholders, business activities, and elect S corporation status by following the instructions provided on the form.

What is the purpose of instruction 2553 rev december?

The purpose of instruction 2553 rev december is to allow eligible small business corporations to elect to be treated as an S corporation for tax purposes, which can have various tax benefits.

What information must be reported on instruction 2553 rev december?

Information such as the corporation's name, address, employer identification number, shareholders' information, and the effective date of the S corporation election must be reported on instruction 2553 rev december.