How to Fill Out IRS Form 2553
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- Опубліковано 15 вер 2024
- If you want to be taxed as an S-Corporation, you will need to file IRS Form 2553 to make the election.
If you did not file the IRS form 2553 timely (within 2.5 months), then you will need to make "late election" which can be done and is covered in the video using IRS revenue procedure 2013-30.
IRS Form 2553: www.irs.gov/pu...
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
#IRS #2553 #S-Corporation
Online this form has 4 pages but he video only goes over the first two pages. Are you not required to include pages 3&4 if they do not apply to your situation? Thanks!
I found the IRS instructions: www.irs.gov/pub/irs-pdf/i2553.pdf Good luck!
What about part 3 of form 2553
In regards to filing in a community property state, does the other spouse still have to sign as a consenting spouse in Part 1 Section J-N even if only one spouse is listed as the sole member of the SMLLC?
If you file 2553 with 1120S return is for prior year performance. Does it mean you file form 2553 one year late or you file 2553 in time?
The 2553 is timely when filed within2 months and 15 days after the beginning of the tax year the election is to take effect. If you filed the 2553 after that, then it late and you will need to write "FILED PURSUANT TO REV. PROC. 2013-30" across the top of the Form 2553 and "INCLUDES LATE ELECTION(S) FILED PURSUANT TO REV. PROC. 2013-30" across the top of the Form 1120-S.
@@eataxresolutions ， thank you for the response;) Does it mean you converted your LLC to S corp in the prior year, doing payroll, but you can file form 2553 in the coming year before 3/15?
?! Who uses fax after 2000? IRS??
That is correct. Actually its "e-fax" that we use.