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Election of 'S' Corporation Status and Instructions - IRS 2553

Palm Beach Florida Election of 'S' Corporation Status and Instructions - IRS 2553

Name: Palm Beach Florida Election of 'S' Corporation Status and Instructions - IRS 2553
Brand: US Legal Forms
Rating: 4.64 (233 reviews)

Category:

Federal - IRS

State:

Multi-State

County:

Palm Beach

Control #:

US-IRS-2553

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Description

A corporation or other entity eligible to elect to be treated as a corporation must use Form 2553 to make an election under section 1362(a) to be an S corporation.

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FAQ

You can check your S corp status relatively easily by contacting the IRS. If you have properly submitted your S corporation form to the IRS and have not heard back, you can call the IRS at (800) 829-4933 and they will inform you of your application status.

All shareholders must consent to a subchapter S election. If an election is made within the first two months and 15 days of the tax year for which the election is to be effective, then any person who was a shareholder during that tax year must consent to the election (Reg.

The Form 2553 must be signed by the corporation's president, vice-president, treasurer, assistant treasurer, chief accounting officer, or any other officer duly authorized to act.

To elect for S-Corp treatment, file Form 2553. You can make this election at the same time you file your taxes by filing Form 1120S, attaching Form 2533 and submitting along with your personal tax return.

(IRC Section 1361(b)(2). 1. All shareholders must consent to the election (IRC Section 1362(a)(2)) . All persons who a re shareholders in the corporation on the day on which the election is made must consent to such election.

If you have submitted Form 2553 to the IRS and are confident that it was completed correctly, you can call the department at any time to check on your current status. The phone number is (800) 829-4933. If your S-corp application is approved, the IRS will send you a letter confirming this status.

To revoke a Subchapter S election/small business election that was made on Form 2553, submit a statement of revocation to the service center where you file your annual return. The statement should state: The corporation revokes the election made under Section 1362(a)

In order to become an S corporation, the corporation must submit Form 2553 Election by a Small Business Corporation signed by all the shareholders.

Qualifications to Elect S Corporation Status It must be a domestic (U.S.) corporation, with no foreign investors; It must have no more than 100 shareholders; It has only one class of stock; It must use a December 31 year-end.

The IRS will mail a copy; you can request a faxed copy in addition to the mailed letter. You can't check S corp status online.

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IRS Form 2553 is designed for businesses that want to elect to become an S corp (typically from a C corporation, the standard corporation type).

Palm Beach Florida Election of 'S' Corporation Status and Instructions - IRS 2553

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How to fill out Palm Beach Florida Election Of 'S' Corporation Status And Instructions - IRS 2553?

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How do I check my S corp election status?

Who is required to consent to the S election on form 2553?

Who must consent to S election form 2553?

How are S corps elected to file?

Do all shareholders need to consent to s election?

How do I check the status of my form 2553 online?

How do I elect my S corp status?

Does an S corp need to file form 2553?

Who can make an S election?

How can I get a copy of my S corp status online?

Interesting Questions

What are the steps to apply for 'S' Corporation status in Palm Beach?

Where can I obtain Form IRS 2553812976?

What information do I need to provide on Form IRS 2553812976?

Are there any eligibility criteria for 'S' Corporation status in Palm Beach?

Can I apply for 'S' Corporation status for an existing corporation?

What are the advantages of obtaining 'S' Corporation status?

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