Video instructions and help with filling out and completing irs form 2553 instructions pdf

Instructions and Help about irs form 2553 instructions pdf

Hello my name is James setter burg and I'm a CPA here at elevation tax and I'm going to spend the next couple of minutes going over the instructions for the files that were sent to you via email before I start I want to note that the email screenshots in this video are taken from Outlook so if you have Gmail Yahoo or another email provider the location of the attachments and design of the email will look different despite the difference the process will still be the same and a minimum four files would have been sent to you the maximum amount could vary it is possible to have as many as six maybe even more files regardless of the amount be sure to download and save each file to your computer since the returns were sent via email we password protect each file an email that contains a password will be sent to you right around the time the instruction email was sent in order to open a file you will need to double click on the attachment when clicked you'll be prompted to enter the password after entering the password click OK and you'll then have access to the file you can then save the file to your computer I will now go over each file you received for sure at least four files would have been sent to you the client file k1 files form 2553 and the signature documents the client file contains the federal return supporting statements and schedules and if applicable any state returns use this file for your own review if you encounter any inaccuracy z' please notify us so we can make the correction do not sign and send the signature documents back to us if a return is inaccurate we will need to update the return and send you the new files we recommend that you keep a copy of this file for your records the next file is the k1 the k1 reports the shareholder share of the business profits or losses please distribute the k1 to each shareholder as it will be needed to complete his or her individual tax return here's an example of federal form k1 separates take a ones may also be included in your file next is form 2553 form 2553 makes the S selection on your entity this form is required to be filed with your return print out this form signatures are required since the election is late you will need to send some additional documentation along with this form these pages will be included in this file after the first two pages of form 2553 here are the first two pages of the form 2553 any officer of the corporation needs to sign and date the bottom of page one on the second page each shareholder needs to sign and date next to his or her name the next two pages are the additional forms that will need to

FAQ

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How do I properly file form 2553 with the IRS to elect S Corp status for my corporation?
You can download form from the An official website of the United States government and fill out the following information in the form.Name of the companyAddress of the companyEmployer Identification NumberDate of incorporationState of incorporationEffective date of the electionChoose year end fiscal or calendarName of all shareholdersOwnership percentage of each shareholderSocial Security NumberShareholders tax year endYou can either mail or fax to the Internal Revenue Service form 2553 and IRS will send you a approval letter of an S Corporation election.Benefit of S Corporation Election:Your entity becomes a pass-through and all profit and loss transfer to your income tax returns.When should the election be filed?
How can I fill out an IRS form 8379?
Form 8379, the Injured Spouse declaration, is used to ensure that a spouse’s share of a refund from a joint tax return is not used by the IRS as an offset to pay a tax obligation of the other spouse.Before you file this, make sure that you know the difference between this and the Innocent Spouse declaration, Form 8857. You use Form 8379 when your spouse owes money for a legally enforeceable tax debt (such as a student loan which is in default) for which you are not jointly liable. You use Form 8857 when you want to be released from tax liability for an understatement of tax that resulted from actions taken by your spouse of which you had no knowledge, and had no reason to know.As the other answers have specified, you follow the Instructions for Form 8379 (11/2016) on the IRS Web site to actually fill it out.
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For taxes, does one have to fill out a federal IRS form and a state IRS form?
No, taxes are handled separately between state and federal governments in the United States.The IRS (Internal Revenue Service) is a federal, not  state agency.You will be required to fill out the the necessary tax documentation for your federal income annually and submit them to the IRS by April 15th of that year. You can receive extensions for this, but you have to apply for those extensions.As far as state taxes go, 41 states require you to fill out an income tax return annually. They can either mail you those forms or they be downloaded from online. They are also available for free at various locations around the state.Nine states have no tax on personal income, so there is no need to fill out a state tax return unless you are a business owner.Reference:www.irs.gov
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