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Form Steps to Complete 2553 IRS Elizabeth New Jersey: What You Should Know

Make an election to be treated as a “small business corporation.” Note: If you elect S corporation status to file a New Jersey state income tax return, you need a New Jersey S Corp Election Certificate from the Office of the Tax Collector. See below for the New Jersey Income Tax Return Preparation Guide. Submit the Certificate by mail to the New Jersey Department of Treasury. See below for the New Jersey Income Tax Return Preparation Guide. Decisions about making an election for S Corp status must be made on a case by case basis. What is a “small business corporation?” § 301. The Small Business Act establishes the tax classification of a business for federal tax purposes and defines its legal existence. The term “business” also must be defined in order to be subject to tax by the Internal Revenue Service. The IRS defines business to include any enterprise engaged in a lawful business activity, but not limited to, a manufacturing operation or a retail store (and even not including the making of goods or services for private use such as a museum or library). For those not familiar with the definition of “business,” the following chart may be helpful: Business and Profits In general, a “business” is performed for profit, defined in section 1601(b) of this title. That is, in addition to the activities specified in paragraphs (A) through (C) of section 1601(a). For example, if a corporation is a C corporation, the only activities that will be considered for profit are those relating to the corporation's actual or imputed income or loss from these activities (even if such income or loss is not actually or imputed). In this section, “imputed” has the same meaning as it does in section 6662(b)(1)(B)(iii) of the Internal Revenue Code. For the first taxable year after becoming a C corporation (if taxable as a C corporation), you can be a member of an S corporation if all of your taxable income is derived from (i) an S corporation, or (ii) a corporation that has become an S corporation.

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