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Form 2553 is an election to be treated as an S-Corporation. If your company is already an S-Corporation, you do not need to file it again (you only need to file it once). If you have not already filed Form 2553 for your corporation, and it is not currently conducting business, then there really isn't a need to file it until you are ready to start operations. Of course, keep in mind that Form 2553 must be filed no later than the 15th day of the 3rd month (March 15 for calendar year taxpayers) for it to be effective in the current year. So, if you plan to start business operations later this year it may be wise to go ahead and get it in place now. If the business was newly formed, it's tax year is considered a "short year" and you can file the 2553 on the 15th day of the 3rd month after forming the company. For example, if you formed a company on June 1, 2008 you wouldn't have to wait until 2009 to be treated as a S-Corporation because you missed the March 15 deadline. Your tax year is a short year, and runs this year from June 1, 2008 - December 31, 2008. So, you would have until September 15, 2008 to make the election.
What else can I help you with?
Where do you mail form 2553?
Form 2553, which is used to elect S corporation status, should be mailed to the appropriate address based on the principal office location of the corporation. If the corporation is located in the United States, it should be sent to the Internal Revenue Service Center relevant to its state, which can be found in the form's instructions. If filing from abroad, the form should be sent to the address specified for international filers. Always check the latest IRS guidelines to confirm the correct mailing address.
Is my corporation an S corporation or a C corporation?
To determine if your corporation is an S corporation or a C corporation, you need to check with the IRS. S corporations have specific eligibility requirements and must file Form 2553 to elect S corporation status. C corporations are the default classification for corporations that do not elect S corporation status.
69 times 37?
2553
What is the valueueof 2 in 2553?
the value of the 2 in 2553 is 2000
What is the equivalent Indian standard to ISO 2553?
What is the equivalent Indian standard to ISO 2553?
How do you change corporation status from C corporation to a S corporation?
The shareholders would make an election by filing a form 2553 with the IRS. For an existing corporation, the form must be filed by March 15 of the year the election is to be effective. The election would then begin from January 1 of the year the election was made. Word of Caution - there can be adverse tax consequence for the corporation and the shareholders if an election is made without consulting a tax advisor.
How can I open an S corporation in Illinois?
To open an S corporation in Illinois, you need to file articles of incorporation with the Illinois Secretary of State, obtain an employer identification number (EIN) from the IRS, create corporate bylaws, hold an organizational meeting, issue stock certificates, and file Form 2553 with the IRS to elect S corporation status.
What are the release dates for The Bold and the Beautiful - 1987 1-2553?
The Bold and the Beautiful - 1987 1-2553 was released on: USA: 28 May 1997
What is 2553 divided by 52Ask us anything?
49.0962
What is 2553 divided by 9?
283.6667
What would be the equivalent standard for ISO 2553 to Indian standard?
try IS :815 rgds, KK
How do you prove to the IRS you were an S corp?
A corporation must elect to be treated as an S corporation by filing Form 2553 before or by the 15th day of the third month of its first effective tax year. The IRS can and often does allow late election for "reasonable cause," which can include not knowing about or understanding the election requirements. All shareholders must consent in writing to the retroactive election and amend their returns if necessary to reflect the change.
