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Video instructions and help with filling out and completing where to fax file form 2553

Instructions and Help about where to fax file form 2553

Hello I'm going to spend the next couple of minutes going over the instructions for the files that were sent to you via ignite so at a minimum you should see four files in your folder and the maximum amount could vary it is possible to have as many as six and maybe even more files than that regardless of the amount you'll want to be sure to download and save each file to your computer and the easiest way to do that is checking the box here and then clicking on the download selected link on the right side of the page next I want to go over each file that will be in your folder and again for sure four files will be included and those files would would be the client file k1 file form 2553 and the signature documents so the client file contains the federal return supporting statements and schedules and if applicable any state returns you'll want to use this file for your own review and if you encounter any inaccuracy --zz please notify us so we can make the correction you don't want to sign and send the signatures documents back to us if a return is not accurate we will need to update the return and then send you a new copy of that return we also recommend that you keep a copy of this file for your records the next file is the k1 the k1 reports the shareholders share of the business profits or losses please distribute the k1 to each shareholder as it will be needed to complete his or her individual tax return so here's an example of federal form k1 separate state K one's may also be included in your file next is form 2553 so form 2553 makes the S selection on your entity this form is required to be filed with your return you'll need to print out this form as signatures are required since the election is late you'll need to send some additional documentation along with form 2553 and these pages will be included in this file after the first two pages of form 2553 here are the first two pages of the form 2553 any officer of the corporation needs to sign and date the bottom of page one on the second page each shareholder needs to sign and date next to his or her name the next two pages are the additional forms that will need to be sent along with the 25:53 the first page is the statement from shareholders each shareholder is required to sign on the line above his or her name and the second page you will only receive if you are an LLC of electing S status this final page will be the late corporate classification election an officer the entity will need to sign write in his or her title and date a copy of your signed form 2553 and additional documents will need

FAQ

Should a DE C-Corp startup file form 2553 (Election by a Small Business Corporation) to be treated as an S Corporation to save on double taxation?
Since there is more than one of you it seems that this is a question for your CPA who actually knows the individual tax situations of both/all of the owners to make a more informed recommendation that asking on social media.Being a CPA the best advice I can give you is ask your own CPA. Now however if you need a frontal lobotomy I do have an opening Wednesday at 1 pm. However, You have to bring your own anesthetic as I am low on single malts.
If I'm an LLC that has filed Federal Form 2553 to file as an S-Corp in previous years, is it permissible to simply revert back to filing as a sole-proprietor LLC if I so choose?
David's response is right on. Prior to revoking the S-election, however, I would review your reasons for doing so with a tax pro. If it's a business that is no longer profitable, that's understandable. However, going from S-corp tax treatment to a disregarded entity/sole proprietorship is usually a bad tax result. I'd certainly invest the time to review the specifics of your situation with a professional.