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Form Steps to Complete 2553 IRS Carmel Indiana: What You Should Know

Form 2553 is the Form that a corporation must file with the state department of state revenue within 45 days. The form is filed in the corporation's own state. After filing the form, the corporation becomes a qualified corporation. If you are not sure which form you need to file in your state, or have questions about the IRS form, please call theĀ Information Center of your state in the U.S.: (TTY:) or visit : You can also visit your local government or county tax office. You can call our tax hotline to assist. Form 2553 is also available directly from the U.S. Treasury's website.Ā  SeeĀ State Tax Guide for information about state tax rates. What is the purpose of Form 2553? Form 2553 is one of the forms that corporations must use to make the election prescribed by Sec. 1362. Sec. 1362 provides two ways for a corporation to take advantage of the S Corporation tax deduction. First, for the purposes of the corporation's first 1% of federal taxable income for the fiscal year, the company can elect to be taxed as an S corporation, subject to the provisions of Sec. 1362. Second, for the purposes of the corporation's first 1% of federal taxable income for the fiscal year, the company can elect to be taxed as a partnership, subject to the provisions of Sec. 1362. An election made to be taxed as an S corporation under Sec. 1362 may be discontinued if the corporation does not qualify for the deduction and can no longer elect to be taxed as an S corporation. Under Sec. 1362(a), a corporation can elect to be taxed as an S corporation for the first 1% of federal taxable income by filing an election (Form 2553). In addition, a taxpayer may elect to be taxed as a partnership for the first 1% of federal taxable income by filing an election (Form 1065). In the election of Sec. 1362, a business that elects to be taxed as an S corporation for the fiscal year is required to file its Schedule K-1 (Form 1065) that shows each of its shareholders' tax basis in property of the corporation.

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