The Massachusetts Election of 'S' Corporation Status is a process that allows certain corporations to elect to be treated as an S Corporation for tax purposes in the state of Massachusetts. This designation can provide various tax benefits to the corporation and its shareholders. To make this election, corporations must follow the instructions provided by the IRS on form 2553. This document outlines the necessary steps and information required to properly elect S Corporation status. It is important for corporations to carefully review and understand these instructions to ensure accurate completion of the form. There are different types of Massachusetts Election of 'S' Corporation Status and Instructions — IRS 2553, depending on the specific circumstances of the corporation. Some variations may include: 1. Initial Election: This type of election is made when a corporation is first formed and wishes to be treated as an S Corporation from its inception. It requires submitting the necessary documents and meeting certain eligibility criteria. 2. Late Election: In some cases, a corporation may have missed the deadline for making the initial election. The late election allows eligible corporations to still elect S Corporation status by following specific procedures outlined by the IRS. 3. Revocation and Reinstatement: Corporations that have previously elected S Corporation status may need to revoke or reinstate their election due to various reasons, such as changes in ownership or business structure. The IRS provides instructions for revoking and reinstating the S Corporation election in these situations. It is essential for corporations to carefully review and understand the specific requirements for each type of election mentioned above. Failure to follow the instructions correctly can result in the denial or loss of S Corporation status, leading to potential tax consequences. In summary, the Massachusetts Election of 'S' Corporation Status and Instructions — IRS 2553 is a vital process for corporations seeking tax benefits in the state of Massachusetts. By following the relevant instructions provided by the IRS, corporations can make the appropriate election and ensure compliance with the tax laws.
Massachusetts Election of 'S' Corporation Status and Instructions - IRS 2553
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You can fill out the Massachusetts Certificate of Organization (called ?Articles of Organization? in many states) and mail it in or use the online portal to submit your paperwork. You'll be responsible for paying a $500 filing fee if you file by mail and a filing fee of $520 if you file online.
Many new business owners choose to hire an S Corp lawyer to help incorporate the business. This process includes drafting essential documents and filing these documents with the IRS. Based on ContractsCounsel's marketplace data, the average cost of an S Corp is $1,200.
The minimum tax is $456. Taxable Period: The taxable period for corporations is either the calendar year or the corporation's fiscal year. Estimated payments are made every three months during the taxable year. Federal accounting periods and methods have been adopted.
Can I set up an S corp myself? While it is possible to file articles of incorporation and go through the S corporation election process alone, S corp requirements are both strict and complex. To ensure you're following the rules, we recommend consulting an attorney or tax professional.
How to create an S-Corp. in Massachusetts Choose a name for the corporation. ... Appoint a Registered Agent. ... File Articles of Organization. ... Articles of Organization Signed by Incorporator(s) or Authorized Agent. ... Submit Appropriate Filing Fees for Articles of Organization. ... Secure an Employer Identification Number.