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

The election is effective for taxpayers who file Form 2553 for the current tax year and before the end of any previous tax year in which the electing corporation did business. It is not effective for taxpayers who file Form 2553 for their next tax year. The election to have a tax year other than a required year is available. That election applies to tax year beginning on or after January 1, 2021.  In the case of a qualifying corporation that was formed in 2023 or later, the election allows the corporation to elect to have a different tax year that begins after December 31, 2017, the date the corporation is elected to have tax years other than a required tax year. This election also allows the corporation and its shareholders to elect to have a different tax year that begins after January 1, 2021. For more details on this election, see Form 2553. (Notice 2016-4) Elective Consolidation for Corporations — IRS With certain limited exceptions, if a separate election has been filed and the combined income tax for the consolidated qualified taxable year does not exceed the amount allowable as a deduction for the qualifying corporation, the income tax for the aggregate qualified taxable year has no limitations. For further information on how to elect the corporate merger method of accounting, refer to Publication 505, Amended Corporations. How to Report Corporate Changes, etc. — IRS If a partnership, limited liability company or S corporation has a change in ownership, the partnership, limited liability company or S corporation may file a consolidated return under the rules in section 1364(c) to reflect the change. The changes under section 1364(c) only affect profits and losses (but not capital gain property) of the partnership, limited liability company or S corporation that are attributable to the change in ownership. For more information see the instructions for Form 8854, Report of Certain U.S. Ownership That Was Not Previously Reported, or see the instructions for Form 8886, Report of Certain Change in Ownership of U.S. Assets. Form 5329, Information Return by Small Business Corporation — IRS If your small business corporation, or a qualified trade or business entity that becomes any qualified small business corporation, elects to use the corporate merger method for reporting its profits and losses, you must file Form 5329, by this April 22, to report the changes made by your corporation to its tax year. See Publication 525 for details on how to submit a Form 5329.

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