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Form Steps to Complete 2553 IRS IN: What You Should Know

In 2019, small business corporations or limited liability companies (LCS) can elect to be treated as an S corporation for those tax purposes, and can be taxed at the reduced long-term capital gains tax rate on their capital gains. On your return for the tax year, you are the corporation for which you want to be taxed as an S corporation. Form 2553 (for the 2023 tax year) is available to your account on or before April 17, 2019. The deadline for filling out Form 2553 is April 19, 2023 (the deadline changed from April 17, 2018, to April 22, 2018). The return is due on or before that deadline. There is no deadline for sending Form 2553 to the IRS. What should you do if you are delinquent in filing your Form 2553? If you owe any amount on the tax return, you must pay that amount to the IRS on a timely notice and demand as specified below. For more information, visit My Taxes, or call. Form 2553 Notice-and-Demand Letter If we determine, after an audit or review, that there are nonfinancial penalties due (such as late tax payments, assessments, interest, penalties or interest), the Internal Revenue Service has the power to impose such penalties. The Internal Revenue Service will assess penalties for failure to file Form 2553. Depending upon the nature of the penalty, it may include withholding of any future tax and an assessment for penalties for each prior failure. If we assess 50 (or more) in penalties, you must pay the balance owed within 14 days of the date we send you a notice of the assessment and a demand for payment. The failure to file Form 2553 does not automatically constitute contempt of court or other criminal charges for failure to follow the proper procedures for filing a return. Note: The date the notice of deficiency would usually be mailed to you is the first business day after we mail you the demand letter. If you have to contact the IRS for this information, the time frame to file must be within 14 days of the date that a notice of deficiency would normally be mailed to you.

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