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Printable Form Steps to Complete 2553 IRS San Diego California: What You Should Know

How the Form 2553 Election Works: How to Make the Election for Tax Treatment You must make your election using Form 2553 when: you establish a qualifying small business corporation you qualify to be taxed as an S-corporation Form 2553 election must be filed with the IRS no later than the last day of May of the year that you file your return. It must also be filed by the last day of May of the year that you have a valid S-corporation election. Where to File Your Taxes (for Form 2553) — IRS How Form 2553 Works — Complete These Instructions To qualify as an S-corporation, you must make an election to be treated as an exempt organization under Section 501(c)3 of the Internal Revenue Code. The Form 2553 election provides that your corporation will not be subject to the same taxes as other domestic corporations. As with most elections, there are certain limitations to making the election and some restrictions: Income you receive in any taxable year must be paid out to you and your shareholders. It cannot be paid out to your employees or customers. You may also pay certain taxes out to your shareholders, such as dividend taxes and interest taxes. Taxable income is income from any source other than net business profits, rental income, capital gains, or qualified dividends. You cannot make an election for any income that is not taxable. It is important that you keep records to track the election and report any taxable income on your return. All corporate records containing the information required to make an election must be filed with the filing agent. The electing S Corporation election includes the following sections: Form 2553: Electing S Corporation — Subpart F, Schedule B, line 13. Schedule B, line 13: Type of election: (a) Select the category “Schedule B” (Form 2553) that describes the type of election you have made. It should say “S-Corporation Election.” (b) Under “Entertainment,” check the box “Yes,” and follow the instructions to enter the total gross revenue you expect from the following types of activities: (1) The operation of a bar in which alcoholic beverages are sold or served. (2) The operation of a restaurant or restaurant-type place where meals are served. (3) The operation of a club or similar entertainment establishment for entertainment by patrons. (4) The operation of a bowling alley.

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