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form 2553

Get the free form 2553 2020-2022

Instructions for Form 2553Department of the Treasury Internal Revenue Service(Rev. December 2020)(For use with the December 2017 revision of Form 2553, Election by a Small Business Corporation) Section
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IRS Form 2553 Script Hi everyone, I'm Priyanka Prakash, senior staff writer for Fund era. Today I'll show you how to fill out IRS Form 2553: Election by a Small Business Corporation. The most common use for this form is for a limited liability company (LLC) or C-corp that wants to be taxed as an S-corporation. If you correctly complete and submit this form on time, the IRS will treat your business as an S-corp for federal income tax purposes. This means the profits and losses of your business will pass through to the owners’ personal tax returns, and the business itself will not pay an income tax. Now, before you even fill out this form, you should make sure that you meet the requirements for electing S-corp tax status. There's a long list of requirements that you can find in the IRS guide that accompanies this form, but the main requirements are that your company can have no more than 100 shareholders, only one class of stock, and no nonresident alien shareholders. Okay, let's get to the form now. Part 1: Election Information starts with some basic business information, such as your business name, address, and EIN number. If you...
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