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Form Instructions 2553 Arlington Texas: What You Should Know
Instructions For Your New S Corporation A new S corporation can be established by completing the requirements on IRS Form 2553. It should be noted: You can create a new corporation by using the instructions on IRS Form 2553, but you are not required to use the election to be taxed as an S corporation provided that you complete the required filing; This election does not eliminate the requirement to file a statement of substantial compliance with the federal securities laws as required on IRS Form 2320, Report of Suspicious Transactions; However, if you choose to go the S corporation route, you will be able to avoid a filing requirement on your first year in business. By filing your corporation information and by filing Form 2553, you can avoid a filing requirement; However, you will not be able to avoid a filing requirement unless your corporate information does not contain information that constitutes material nonpublic information, i.e., the following will still be subject to the filing requirement: an annual report, an annual financial report, your articles of incorporation, any shareholder resolutions required under NY ISB 2.1, and any shareholder approval or consent resolution required under NY Sec. 7-B-29 or NY Sec. 8-A-7 of the NY General Corporation Law, unless you elect to use Form 2553, in which case you must not include the shareholder approval or consent resolution as a filing requirement; and The election to be taxed as an S corporation does not eliminate the requirement to register the corporation with the NY State Office of Taxation (NY TOO) under NY Business Tax, NY TOO. A copy of the statement of substantial compliance and the form 2553, if filed, may be filed, along with the declaration, agreement or other documentation required by the NY TOO, with the NY State Administrative Office of the New York State Department of Taxation; or with the NY TOO, the Office of the Department of Finance. If the information on Form 2553 is incomplete or incorrect and the correction of the inaccurate information would not affect the substance of the statement of substantial compliance, the correction must also be submitted with Form 2553 and the tax, if imposed, must be paid. For more information, see Instructions for Form 2553 and For Form 2553, see our related articles on Form 2553: Sec. 1362 (a) Election by a Small Business Corporation to be Taxed as an S Corp. Sec.
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