Dear [Recipient's Name], I hope this letter finds you in good health. I am reaching out to discuss an important matter regarding the Articles of Incorporation and the election of Sub-S status for our company based in Utah. As you may already be aware, Subchapter S Corporation (Sub-S) status provides certain tax advantages and benefits for qualifying small businesses. Utah Sample Letter regarding Articles of Incorporation — Election of Sub-S Status: 1. Utah Sample Letter Requesting Sub-S Election: This letter is a formal request to the Utah Secretary of State or appropriate governing body to elect Sub-S status for our company. It includes relevant details such as the company's legal name, business address, employer identification number (EIN), and a statement affirming that the company meets all the eligibility criteria set forth by the Internal Revenue Service (IRS) for Sub-S election. 2. Utah Sample Letter to Shareholders: This letter is addressed to all the shareholders of the company, notifying them of the decision to elect Sub-S status. It explains the potential benefits, such as pass-through taxation, limited liability protection, and certain estate planning advantages. The letter also provides instructions for shareholders to consent and sign the required Sub-S Election Form, which will be submitted to the relevant authorities. 3. Utah Sample Letter to Board of Directors: This letter is directed to the Board of Directors, informing them about the intention to elect Sub-S status and seeking their approval. It outlines the advantages and potential impact on the company's tax structure. The letter may also include an agenda item for an upcoming board meeting to discuss and vote on the Sub-S election. 4. Utah Sample Letter to Accountant or Tax Advisor: This letter is addressed to the company's accountant or tax advisor, seeking their guidance and assistance in ensuring a smooth transition to Sub-S status. The letter highlights the need for their expertise in preparing necessary documents, such as the Sub-S Election Form and amended tax returns, and explains the expected benefits and implications for the company. In conclusion, these various types of Utah Sample Letters regarding Articles of Incorporation — Election of Sub-S Status serve to communicate our company's intent, inform shareholders and the board of directors, and seek professional advice to successfully elect Sub-S status. We believe that this decision will enhance our company's financial position and provide substantial tax benefits in line with Utah's regulations. Thank you for your attention to this matter, and we look forward to your positive response. Sincerely, [Your Name] [Company Name] [Contact Information]
Utah Sample Letter regarding Articles of Incorporation - Election of Sub-S Status
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FAQ
FAQs About IRS Form 2553 The IRS will let you know whether your S corp election has been accepted within 60 days after you file Form 2553. However, if you checked box Q1 in Part II requesting that the IRS send you a ruling letter, acceptance of Form 2553 can take an additional 90 days.
S Corp Approval Letter (CP261 Notice) The CP261 Notice officially confirms that your S Corporation has been established. Going forward, your S Corporation's business activity will be reported on the 1120s Business Tax Return. S Corp Application Form (2553) Proof of S Corp and Effective Date.
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders. See the Instructions for Form 2553PDF for all required information and to determine where to file the form.
Most importantly, you must have no more than 100 shareholders to qualify as an S-corporation. You must also only have what the IRS defines as ?eligible shareholders,? meaning shareholders must be individuals, certain trusts or estates. Shareholders also must be U.S. citizens or legal residents.
Requirements for an S corporation include: The corporation must not have more than 100 shareholders. All shareholders must be individuals, estates, certain tax-exempt organizations, or certain kinds of trusts. None of the individual shareholders can be classified as a nonresident alien.
Requirements for filing for S corp status Be a domestic corporation. Have only allowable shareholders. Allowable shareholders include individuals, certain trusts, and estates. Non-allowable shareholders include partnerships, corporations, or non-resident aliens.
First, an LLC would need to elect to be taxed as a corporation by filing Form 8832, Entity Classification Election. After that, an LLC can then file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
