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form 2553

IRS Instruction 2553 2017 free printable template

Instructions for Form 2553Department of the Treasury Internal Revenue Service(Rev. December 2017)Election by a Small Business Corporation Section references are to the Internal Revenue Code unless otherwise
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How to fill out form 2553 2017

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How to fill out form 2553:

01
Gather all necessary information such as the name and address of the corporation, the tax year of the election, and the person authorized to sign the election
02
Complete the first section of the form which requires providing the corporation's name, address, and employer identification number (EIN)
03
Indicate the tax year for which the election is being made and whether it is a calendar year or fiscal year
04
Choose the appropriate box to indicate the type of entity making the election (such as a corporation, partnership, or limited liability company)
05
Fill in the name, title, and contact information of the person authorized to sign the election on behalf of the corporation
06
Provide the date of incorporation, if applicable
07
Sign and date the form
08
Keep a copy of the completed form for your records

Who needs form 2553:

01
Small businesses or corporations that want to elect S corporation status for tax purposes.
02
Entities looking to pass corporate income, deductions, and credits through to their shareholders for tax purposes.
03
Corporations that meet the IRS requirements to be eligible for S corporation status may use form 2553 to make the election.
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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...

FAQ

  • What is form 2553?
    Form 2553 is a tax form used in the United States by eligible small business corporations to elect to be treated as an S corporation for tax purposes. By filing Form 2553, a business can avoid being taxed twice (once at the corporate level and again at the individual level) and instead have its income and losses pass through to its shareholders' personal tax returns. This form must be filed with the Internal Revenue Service (IRS) within certain timeframes and with the consent of all shareholders.
  • Who is required to file form 2553?
    Form 2553, also known as the Election by a Small Business Corporation form, is required to be filed by eligible small business corporations (S corporations) in the United States. S corporations are defined as domestic corporations that meet specific criteria, such as having no more than 100 shareholders and only one class of stock. The purpose of filing Form 2553 is to elect to be treated as an S corporation for federal tax purposes.
  • How to fill out form 2553?
    Form 2553, also known as the Election by a Small Business Corporation, is used by small business corporations to elect to be treated as an S corporation for tax purposes. Here are the steps to fill out the form: 1. Obtain the form: You can download Form 2553 from the official IRS website or request a copy from the IRS by calling their helpline. 2. Provide the basic information: Fill out your corporation's name, address, and employer identification number (EIN), along with the tax year the election is to take effect. 3. Eligibility requirements: Ensure that your corporation meets all the eligibility requirements for an S corporation election, such as having 100 or fewer shareholders who are US citizens/residents, electing calendar year taxation, and not being an ineligible corporation (such as certain financial institutions or insurance companies). 4. Choose the effective date: Select the desired effective date for the S corporation election. Generally, the election is effective for the current tax year if the form is filed by March 15, or it will be effective for the next tax year. 5. Shareholder information: Enter the name, address, and taxpayer identification number (such as Social Security Number) of each shareholder. Include the percentage of stock owned by each shareholder and their consent to the S corporation election. 6. Officer information: Provide the name, title, address, and taxpayer identification number (such as Social Security Number) of the corporation's principal officer or directors. 7. Sign and date: The form must be signed and dated by a corporate officer authorized to make the S corporation election. 8. Filing the form: Once completed and signed, send the form to the appropriate IRS service center. The address is specified in the form's instructions. It is recommended to consult with a tax professional or an accountant to ensure accurate completion and submission of Form 2553.
  • What is the purpose of form 2553?
    Form 2553 is used to elect S corporation tax status for certain eligible domestic corporations. The purpose of this form is to notify the Internal Revenue Service (IRS) that a corporation wishes to be treated as an S corporation for tax purposes, rather than a regular C corporation. By electing S corporation status, the corporation and its shareholders can avoid double taxation, as the income and losses of the corporation are passed through to the shareholders and reported on their individual tax returns. This form must be filed with the IRS in order to make the election and is typically filed within the first two months and 15 days of the beginning of the corporation's tax year, or any time before the tax year begins.
  • What information must be reported on form 2553?
    Form 2553, or the Election by a Small Business Corporation, is used by small business corporations (S corporations) to election or revoke their election to be treated as an S corporation for federal tax purposes. The form requires the following information to be reported: 1. Name and address of the corporation. 2. Employer Identification Number (EIN) of the corporation. 3. Date incorporated and state of incorporation. 4. Date the corporation wants the election to be effective (usually the beginning of the tax year). 5. Number of shareholders at the time of the election. 6. Information about the corporation’s stock including the par value per share, total number of shares, and the percentage of stock owned by each shareholder. 7. Statements and signatures verifying the eligibility requirements for S corporation election and consent of all shareholders. It is important to note that specific instructions and requirements may vary, and it is recommended to review the latest version of the form and instructions provided by the Internal Revenue Service (IRS) to ensure accurate and complete reporting.
  • When is the deadline to file form 2553 in 2023?
    The deadline to file Form 2553, which is the election by a small business corporation to be treated as an S corporation, is generally 2 months and 15 days from the beginning of the tax year the election is to take effect. For calendar year taxpayers, the deadline to file Form 2553 for tax year 2023 would be March 15, 2023. However, it's always recommended to double-check with the IRS or a tax professional for the most accurate and up-to-date information.
  • What is the penalty for the late filing of form 2553?
    The penalty for late filing of Form 2553, also known as the Election by a Small Business Corporation, can vary depending on the circumstances. Generally, the penalty is imposed when a corporation or eligible entity fails to file the form within the required time frame. For most cases, if the Form 2553 is filed late, the IRS may grant relief for the late election if the entity can show reasonable cause for the delay. However, if reasonable cause is not established, the penalty is typically $195 per shareholder, per month for each month the election is late, up to a maximum of 12 months. It's important to note that specific penalties and rules may be subject to change, so it is recommended to consult the latest IRS guidelines or seek advice from a tax professional for accurate and up-to-date information.
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