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

Salt Lake Utah Election of 'S' Corporation Status and Instructions - IRS 2553

Name: Salt Lake Utah Election of 'S' Corporation Status and Instructions - IRS 2553
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Federal - IRS

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Salt Lake

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US-IRS-2553

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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 Salt Lake Utah Election Of 'S' Corporation Status And Instructions - IRS 2553?

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S Corporation Elections Certain requirements must be met before a small business corporation can elect federal S corporation status. A small business corporation elects federal S corporation status by filing federal Form 2553 (Election By a Small Business Corporation) with the Internal Revenue Service.

How to create an S Corporation in Utah Step 1: Choose a name.Step 2: Appoint a Registered Agent.Step 3: Select a Board of Directors (for a corporation) or Members (for an LLC)Step 4: Submit Articles of Incorporation or a Certificate of Organization to the Utah Division of Commerce.

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.

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.

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.

Electing Corporation vs. S Corporation Status To elect Corporation status, the LLC must file IRS Form 8832 - Entity Classification Election. To elect S Corporation status, the LLC must file IRS Form 2553 - Election by a Small Business Corporation. 2feff

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.

S Corporation Elections A small business corporation elects federal S corporation status by filing federal Form 2553 (Election By a Small Business Corporation) with the Internal Revenue Service. When a corporation elects federal S corporation status it automatically becomes an S corporation for California.

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

More info

Rev. Rul. 2008-18 cited Rev. Rul. The Interactive Tax Assistant Tool on IRS.LLC owners typically have a different reason for filing a Form 2553 Scorp election. Form 2553 can be filed at any time in the tax year before the S corporation is to take effect.

Salt Lake Utah Election of 'S' Corporation Status and Instructions - IRS 2553

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