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FAQ

Should a DE C-Corp startup file form 2553 (Election by a Small BusinessCorporation) 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 yourCPA who actually knows the individual tax situations of bothall of the ownersto 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 ifyou need a frontal lobotomy I do have an opening Wednesday at 1 pm. HoweverYou have to bring your own anesthetic as I am low on single malts.
How do I properly file form 2553 with the IRS to elect S Corp status for mycorporation?
You can download form from the An official website of the United Statesgovernment and fill out the following information in the form. Name of the company Address of the company Employer Identification Number Date of incorporation State of incorporation Effective date of the election Choose year end fiscal or calendar Name of all shareholders Ownership percentage of each shareholder Social Security Number Shareholders tax year endYou can either mail or fax to the Internal Revenue Service form 2553 and IRSwill send you a approval letter of an S Corporation election.Benefit of S Corporation ElectionYour entity becomes a passthrough and all profit and loss transfer to yourincome tax returns.When should the election be filed
If I'm an LLC that has filed Federal Form 2553 to file as an S-Corp inprevious years, is it permissible to simply revert back to filing as a sole-proprietor LLC if I so choose?
Davids response is right on. Prior to revoking the Selection however Iwould review your reasons for doing so with a tax pro. If its a business thatis no longer profitable thats understandable. However going from Scorp taxtreatment to a disregarded entitysole proprietorship is usually a bad taxresult. Id certainly invest the time to review the specifics of yoursituation with a professional.
As a single member LLC, I elected for the S-corp tax classification status afew years ago. Now, I added a family member as a 25% member in the LLC. Do Ineed to file a Form 2553 again with the IRS for the S-corp election?
No. The S corp stays an S corp until you either terminate the election or theelection becomes invalid because an ineligible shareholder was admitted.Bear in mind that the S corp can have only one class of stock. So anydistributions it makes to you it must also make a proportionate distributionto the new shareholder.If the family member did not pay fair value to get the 25 interest heshemust pick up income for the fair value of the stock received or it is a giftwhich may require you to file a gift tax return depending on value.
I formed an LLC for my side business on Amazon. I am not planning to takesalary for myself from this company. Do I need to file form 2553 or 8832 withthe IRS? If so what are the benefits of filing?
Filing the 8332 would tax you as a corporation and the 2553 would make it aSubchapter S Corporation. S Corps are generally taxes as flow through entitieswith one level of tax just like not making the election. They can be complexwith numerous filing requirements. However the one thing you could do with anS corp is pay yourself a salary subject to withholding if you wanted to avoidestimated taxed