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King Washington Form Steps to Complete 2553 IRS: What You Should Know

If you want your corporation to be treated as an S-corporation, complete Form 2553 ——Election and Payroll Deductions within 75 days of forming your corporation. Please note: If you want to elect S corporation status for your business, be aware that if your business is not exempt, you should file a return or a W-2 (wage and income tax) instead of forming an S-Corporation. You can download the W-2 (payroll tax) form from the IRS: . The Tax Cuts and Jobs Act will eliminate taxes on wages and pass-through business income. However, an S-Corporation can still elect to be treated as an S-Corporation and to be considered part of the pass-through entity category when it is reporting its business income to the IRS. For more information, visit . The IRS encourages businesses to prepare and file their tax returns using the Simplified Paperwork Reduction/File-by-File (SP/FBF) option. This option reduces and simplifies the filing process for businesses by eliminating the need to complete and mail multiple forms and completing required forms only once. Under the IRS's SP/FBF option, all taxpayers can expect to prepare one form for their tax return and one form only.

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