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Modesto California Form Steps to Complete 2553 IRS: What You Should Know

The S-corporation election can be made any time. IRS Form 2553 can be obtained by downloading IRS Form 2553 at any time. What Does IRS Form 2553 Cover? • Form 2553 can be used to elect to: • Qualify as an S corporation • Deduct up to 315 annually for state and local tax • Deduct up to 7,500 annually for federal tax • Qualify for the 10% corporate alternative minimum tax. In 2018, the S corporation election is due by September 27, 2018. However, you need to amend the Form 2553 by the last day of the 2nd month in 2018. See Publication 544 — Business Entities. The tax rates are as follows for corporations, partnerships, and other entities reporting income: • Corporate Income tax 2%, 10%, or 15% (whichever is highest) at each income level in addition to 2% at the maximum rate of 35% for corporations, partnerships, and estates. The maximum rate for estates (as of the 2023 year) is 13%. In addition, the individual tax rate can reach as high as 39.6%, depending on the taxpayer's AGI. A corporation (including an S corporation) that is a member of the partnership for all the years during the period of its existence, or that is a partner in a partnership for any of the years during the period of its existence, is considered to have elects for the year in which it becomes a member. IRS Form 2553 can be obtained by using the electronic filing services (the IRS e-file service) or via regular mail. Note : As a general guideline, the IRS recommends that companies consider filing Form 2553 whenever they intend to make a change to a business entity.

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