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Daly City California online Form Instructions 2553: What You Should Know

Corporation, and Pay Business Taxes — CPA Review Corporations have several tax-preplanning options. First, if your corporation is nonresident for all or most of the following taxation years, you can elect one of the S corporation tax treatment options provided by either Sec. 1362 (to have the election apply to S corporation expenses) or Secs. 704 or 706, depending upon which of the statutory tests for the election (including the corporate test) applies to an S corporation. Sec. 706 and Sec. 1362: Corporations Generally Second, if your corporation is a domestic corporation that is taxed under U.S. federal law, there are two distinct tax-preparedness options available, depending upon the test applied by the IRS to determine whether the test for the election will apply: Section 704 is only available if you can certify that your corporation will be taxed under U.S. federal tax law. It is also the option for which the IRS currently provides the highest tax return preparation returns. You cannot submit Form 2553 to the IRS and ask for the Section 704 election to be made. Section 705 is only available if your corporation is a domestic corporation that is taxed under the laws of the jurisdiction in which it has its principal place of business or, if it is a foreign corporation, the jurisdiction in which it has its principal office. The test for the election does not apply if you do not qualify for Section 704. If your corporation is a foreign corporation that is treated as a nonresident for U.S. federal income tax purposes, you cannot submit Form 2553 to the IRS and ask for this election either since the election will not apply to your corporation's income. Sec. 706 is the option for which the IRS currently provides one of the highest tax return preparation returns. It must be completed by a certified tax preparer. The test for the election will not apply if you do not qualify for Section 704, Section 705 or Sec 706, depending upon the jurisdiction in which your corporation does business. Filing Your Corporation's Tax Return — CA The following information is in addition to what is available on the IRS' website: For information regarding Form 2553, click here. The following information is in the California section of the Publication 546 — Guide to the Income Tax.  A corporation may elect the S corporation tax treatment.

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