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

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

Name: Sacramento California Election of 'S' Corporation Status and Instructions - IRS 2553
Brand: US Legal Forms
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Category:

Federal - IRS

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Multi-State

County:

Sacramento

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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How to fill out Sacramento California Election Of 'S' Corporation Status And Instructions - IRS 2553?

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If you want to make the S corporation election, you need to file IRS Form 2553, Election by a Small Business Corporation. If you file Form 2553, you do not need to file Form 8832, Entity Classification Election, as you would for a C corporation. You can file your Form 2553 with the IRS online, by fax, or by mail.

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.

(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.

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 apply for an S-corp election, you must submit a Form 2553 to the IRS. You will need an Employer Identification Number (EIN), which is also issued by the IRS. If you don't have one, you can learn how to get an EIN for your California business.

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

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.

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)

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And finally, registration forms and instructions are also enclosed. California Corporation - Sacramento Business Law Lawyer.The corporation and its shareholders filed a federal Form 2553 with the IRS requesting automatic relief with respect to the late S corporation election in full. General Instructions. Purpose. To be eligible to file form 2553 for an S corporation election, you must first be a C corporation.

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

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How to fill out Sacramento California Election Of 'S' Corporation Status And Instructions - IRS 2553?

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How do you select an S-Corp?

What are the four requirements necessary for a corporation to elect to be an S corporation?

Do all shareholders need to consent to s election?

Who can make an S election?

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

Who must consent to S election form 2553?

How do I form an S corp election in California?

Does an S corp need to file form 2553?

How are S corps elected to file?

How do I elect my S corp status?

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What is the Sacramento Election of 'S' Corporation Status?

Why would a corporation choose to elect 'S' corporation status?

How can a corporation in Sacramento elect 'S' corporation status?

What is the purpose of filing Form 2553?

Where can I get Form 2553 to elect 'S' corporation status?

What are the eligibility requirements for electing 'S' corporation status?

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