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

Form 2553: IRS Publication 528 (Complete Instructions for Forms 2553, 527, and 531) Learn more about Form 2553 What Can I Use IRS Form 2553 for? Form 2553 helps qualify an individual as an S-corporation for tax purposes. Because tax status does not change just because you file a Form 2553, the business must meet all other requirements for filing Form 2553. The term “company” does not necessarily need to include a sole proprietorship. Form 2553 is for small business only. It does not apply to an LLC. Businesses can use Form 2553 only when electing to be taxed as an S-corporation. The term “S” means “small business.” S-corps are also known as sole proprietorship. When to Use IRS Form 2553 Businesses qualify as an S-corporation based on (1) the business's net annual gross receipts, or gross receipts from sales of property and supplies to the U.S. (2) the business has not been in existence more than 180 days, or has less than 200 total regular owners, (3) at least 50% of the corporation's voting stock is not more than 5% of the outstanding stock, and (4) the corporation's only asset is tangible property (equipment, real estate, etc.) owned by the business or the business' owners personally. For more on who qualifies to be an S-corporation, see Sec. 1362. If the property and supplies are not sold, the business must show that it received at least its fair market value for the property and supplies (including capital assets as defined in Sec. 1221), and it must pay at least its actual costs on that property and supplies (including direct and indirect labor or facility operating costs). The following are examples: Example 1 Business X, with sales of 10,000 to 20,000 per year, qualified as an S corporation and would be taxed as an S corporation in 2018. The corporation meets all four requirements to qualify. It has no assets other than the tangible property it owns (the building it uses to make its products), has not been in existence more than 180 days, and has 50 or fewer regular owners. In addition, X meets all three of the other requirements, as shown in Table 1-1.

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