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

Form 2553 is designed to give an S corporation the rights and benefits of a separate legal corporation and the right to have its information and transactions reported to the IRS. Form 2553 is used by qualifying S corporations to make the election prescribed by Sec. 1362 and the additional provisions of Sec. 1366. If you are a shareholder of a qualifying S corporation, only information regarding the shareholder's shares will be reported to the IRS. The corporation retains its federal tax identification number and tax identification statement. The following is information about Form 2553, Retirement Plan and IRA Election With Small Business Corporation. Form 2553, Election by a Small Business Corporation The election made in this form can benefit any qualifying small business corporation that is subject to tax under Sec. 1362, 1366 or 1382 (tax under Sec. 1301(a) is not affected). Form 2553 is intended for the specific purpose of making the election described in Secs. 1392(a) and 1392A(a) (also known as the “small business corporation election” or the “qualifying small business corporation election”). See Publication 15-A, Employer's Tax Guide, for more information. In this election, any qualified plan with an employee benefit plan, 403(b) plan or individual retirement account is permitted to be combined with the qualified retirement plans of the corporation for which the election has been made. Qualified retirement plan or IRA (including any plan qualified under section 401(a), 403(b), 457 or other defined contribution plans) means any plan that is qualified under section 401(a) or 403(b) of the Internal Revenue Code and that is subject to the requirement that at least a 5% portion of (i) its includible earnings (within the meaning of Section 408(d)) be used for employee benefits and (ii) its property (within the meaning of Section 408(c)) be distributed to the shareholders in the same manner and on the same basis as the corporation's other taxable income. For greater clarity, a small business owned by an individual who is an employee shall be considered to be a small business owned corporation for the purpose of this election, unless the individual has been granted an election of limited liability for services.

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