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Form Steps to Complete 2553 IRS for Thornton Colorado: What You Should Know

If they are already taxed as an S-corp, the IRS would send them Form 2553 to show that they have elected to be taxed as an S-Corp. Why Form 2553 Might Help. If you are currently taxed through the individual code, then it's best not to wait to file your taxes as an S-Corp until the end of the year, when they are due, because you will get a form 2553 that allows you to elect to remain a separate entity. If you do decide to wait until the end of the year, make sure you have a business plan in place. When you are ready to file your taxes, look for a form 2553 to tell the IRS you have elected to be taxed as an S-corp. Secrets To A Simple Form 2553 Election. To get a simple form 2553 election, you will need: • To have your business tax return for the current tax year filed. • A copy of your business tax return or tax receipt from the IRS that shows your S-Corp status. Your business tax return or tax receipt shows your S-Corp status if the following are true: • You have a Form 1120S filed with the IRS with your filing status as an S-corporation. • Your filing status is a: “Permanent Establishment,” “Qualified Business Corporation,” any other term that includes a qualifying S-Corp. These are usually called Section 501(a) companies. The IRS can also verify your S-Corp status if you are paying business taxes as an individual. You can find Form 1120S and Form 1040 on IRS.gov. Note: The S-Corp election requires that you file Form 2553 with the IRS. How To Make An Election To Be Taxed As An S-Corp. To make the election, file Form 2553 with the IRS. It is important to understand that you must have a qualifying S-Corp organization and the business must be taxed as S-Corps. If these conditions are met, the IRS will allow you to file Form 2553 to elect to be taxed as S-Corp. Secrets To Make An Election. You will need: • You will need your Form 2553 return filed with the IRS. You may need a paper copy, or a PDF from the IRS. If you can't get a copy of Form 2553, the form is available online. When you file Form 2553, the Form 3115 is automatically assigned to you.

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