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Form Steps to Complete 2553 IRS online Plano Texas: What You Should Know

Form 2553 — Frequently Asked Questions What is Form 2553? Form 2553 forms small businesses and partnerships that meet all requirements to be treated as corporations. (Businesses are not required to file.) What is a Qualifying Small Business Corporation? Qualifying small business corporations (SBS or Labs) are eligible for the tax rate of 15 percent (15 percent for corporations). What is a Qualified S-Corp? A Qualified S-Corp is a business entity classified as a C corporation, S corporation, partnerships or sole proprietorship. If I am a C corporation, how much business income tax do I owe on all the business income I earn? The only business income you can deduct as business income is that which is allocable to the S Corporation share of your income (15 percent of the taxable base). You may only qualify to deduct from your return business income on which you paid less than the S Corporation Share of an income or gain. For more on S-corporations and income taxes, see Tax Topic 220, S Corporations and Income Taxes.” What if my company is an S-corporation? An S corporation is a corporation that qualifies under Sec. 1362 for the 15 percent tax rate. If I am a sole proprietorship, do I have to file Form 2553, or will I pay tax by relying on the tax return? If you filed a joint income tax return with your S corporation shareholder, you must file Form 2553 for each share of business income. If your only shareholders are S corporation shareholders, you must also file Form 2553 separately for each share of business income. For more information, see Tax Topic 301, Sole Proprietorship Tax. How important is it to file a Form 2553 if my business income will be taxed as “S corporation dividends” instead of “C corporation dividends?” ’S corporation dividends” are taxed as ordinary income on the owners' individual tax returns (not on their business return). Therefore, if your corporation's owners do not qualify as C corporations, the taxes you will owe on their “S corporation” business income will not be substantially different from the taxes you will owe on their ordinary income.

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