What is the deadline for filing Form 2553?

Form 2553 must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.

What is Part III used for?

Part III is used to make the qualified subchapter S trust (QSST) election required by section 1361(d)(2). It may only be used if corporation stock has been transferred to the trust on or before the date of the corporation’s S corporation election.

What is a late S corporation election?

A late S corporation election refers to an S corporation election that is filed after the due date of Form 1120-S. It can be requested using Form 1128 or Rev. Proc. 2013-30.

What is a QSST election?

A QSST election refers to the election required by section 1361(d)(2) that certain qualified subchapter S trusts (QSSTs) must make if they wish to be treated as an S corporation. This election is made using Form 2553, Part III.

Can I make the S corporation election after the due date of my corporate income tax return?

Yes, if you are unable to file Form 2553 by the deadline, you can request relief for a late S corporation election using Form 1128 or Rev. Proc. 2013-30.

Who can file Form 2553?

An eligible corporation or its shareholders can file Form 2553 to elect Subchapter S status. A qualified subchapter S trust (QSST) can also make a QSST election using Form 2553.

What is Form 2553 used for?

Form 2553 is used to make an election to have a corporation taxed as a Subchapter S Corporation (S corp) under the Internal Revenue Code. It must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.

What happens if I fail to timely file a QSST election?

If you fail to timely file a QSST election, relief provisions may be available under Rev. Proc. 2013-30. This provision allows eligible taxpayers to request late S corporation elections and late QSST elections for up to three prior tax years.

How can I make a late S corporation election?

A late S corporation election can be made by attaching a statement to Form 2553 indicating that the corporation is eligible to elect to be treated as an S corporation. The statement must contain the date on which the corporation wishes to have its election become effective, and it must also include the representation listed in Part IV of Form 2553.

What is the deadline for making a late S corporation election?

The deadline for making a late S corporation election depends on when the corporation became eligible to elect to be treated as an S corporation. Generally, if the corporation was formed after June 11th of any year and wishes to have its election become effective in that same year, it must file Form 2553 by the due date (including extensions) for filing its income tax return for that year.

What is the purpose of Part III of Form 2553?

Part III of Form 2553 is used to make a QSST election. This section must be completed if the corporation is making an S corporation election and it also wishes to be treated as a qualified subchapter S trust.

What is a backup section 444(d) election?

A backup section 444(d) election can be made if the corporation isn’t qualified to make the section 444 election after making the item Q2 back-up section 444 election or indicating its intention to make the election in item R1. It allows the corporation to be taxed as a C corporation for tax years that end within the 60-month period following the month in which the S corporation election was effective.

What information is required in Part I of Form 2553?

Part I requires you to provide basic identification information for the corporation and the person making the election. You will also indicate whether or not you intend to make a back-up section 444(d) election.

Form 2553

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Election by a Small Business Corporation (Under Section 1362 of the Internal Revenue Code)

Rev. December 2017

Form 2553 is used to elect S corporation status under section 1362 of the Internal Revenue Code. The form requires details such as the corporation's information, election effective date, tax year selection, shareholder consent, and late election representations. It provides instructions for filing, including where to send based on the corporation's location. The document emphasizes the importance of meeting all requirements for the S corporation election to be accepted.

Instructions

Form 2553 Instructions - Instructions for Form 2553, (For use with the December 2017 revision of Form 2553, Election by a Small Business Corporation)

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FAQ

What is the deadline for filing Form 2553?
Form 2553 must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.
What is Part III used for?
Part III is used to make the qualified subchapter S trust (QSST) election required by section 1361(d)(2). It may only be used if corporation stock has been transferred to the trust on or before the date of the corporation’s S corporation election.
What is a late S corporation election?
A late S corporation election refers to an S corporation election that is filed after the due date of Form 1120-S. It can be requested using Form 1128 or Rev. Proc. 2013-30.
What is a QSST election?
A QSST election refers to the election required by section 1361(d)(2) that certain qualified subchapter S trusts (QSSTs) must make if they wish to be treated as an S corporation. This election is made using Form 2553, Part III.
Can I make the S corporation election after the due date of my corporate income tax return?
Yes, if you are unable to file Form 2553 by the deadline, you can request relief for a late S corporation election using Form 1128 or Rev. Proc. 2013-30.
Who can file Form 2553?
An eligible corporation or its shareholders can file Form 2553 to elect Subchapter S status. A qualified subchapter S trust (QSST) can also make a QSST election using Form 2553.
What is Form 2553 used for?
Form 2553 is used to make an election to have a corporation taxed as a Subchapter S Corporation (S corp) under the Internal Revenue Code. It must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.
What happens if I fail to timely file a QSST election?
If you fail to timely file a QSST election, relief provisions may be available under Rev. Proc. 2013-30. This provision allows eligible taxpayers to request late S corporation elections and late QSST elections for up to three prior tax years.
How can I make a late S corporation election?
A late S corporation election can be made by attaching a statement to Form 2553 indicating that the corporation is eligible to elect to be treated as an S corporation. The statement must contain the date on which the corporation wishes to have its election become effective, and it must also include the representation listed in Part IV of Form 2553.
What is the deadline for making a late S corporation election?
The deadline for making a late S corporation election depends on when the corporation became eligible to elect to be treated as an S corporation. Generally, if the corporation was formed after June 11th of any year and wishes to have its election become effective in that same year, it must file Form 2553 by the due date (including extensions) for filing its income tax return for that year.
What is the purpose of Part III of Form 2553?
Part III of Form 2553 is used to make a QSST election. This section must be completed if the corporation is making an S corporation election and it also wishes to be treated as a qualified subchapter S trust.
What is a backup section 444(d) election?
A backup section 444(d) election can be made if the corporation isn’t qualified to make the section 444 election after making the item Q2 back-up section 444 election or indicating its intention to make the election in item R1. It allows the corporation to be taxed as a C corporation for tax years that end within the 60-month period following the month in which the S corporation election was effective.
What information is required in Part I of Form 2553?
Part I requires you to provide basic identification information for the corporation and the person making the election. You will also indicate whether or not you intend to make a back-up section 444(d) election.

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Tax forms

Form 2553 is one of Tax forms that are documents used to report information about an individual's or business's income, deductions, and tax liability to the relevant tax authority. These forms are necessary to comply with tax laws and fulfill tax obligations. Tax forms vary depending on the country and the specific tax requirements in place. Here are some common types of tax forms:

Individual Tax Forms: These forms are used by individual taxpayers to report their personal income and claim deductions, credits, and exemptions. Examples include the 1040 form in the United States or the Self-Assessment Tax Return form in the United Kingdom.

Business Tax Forms: Business tax forms are used by companies, partnerships, or self-employed individuals to report their business income, expenses, and other tax-related information. Examples include the Schedule C form (Profit or Loss from Business) in the United States or the CT600 form (Company Tax Return) in the United Kingdom.

Payroll Tax Forms: These forms are used by employers to report the wages, salaries, and taxes withheld from their employees' paychecks. Examples include the W-2 form in the United States or the P60 form in the United Kingdom.

Sales Tax Forms: Sales tax forms are used by businesses to report and remit sales tax collected on taxable goods or services. The specific sales tax forms vary by jurisdiction.

Value Added Tax (VAT) Forms: VAT forms are used in countries that impose a value-added tax to report and remit VAT collected on sales and claim VAT credits for purchases. Examples include the VAT return forms used in many countries.

Estimated Tax Forms: Estimated tax forms are used to report and pay estimated taxes on income that is not subject to withholding, such as self-employment income or investment income.

These are just a few examples of the numerous tax forms that may exist. The specific forms required depend on the tax laws and regulations in your country or jurisdiction. It is important to consult the tax authority's guidelines or seek professional advice to determine which forms are applicable to your situation.

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