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Form Instructions 2553 for Portland Oregon: What You Should Know

Business owners who are an S corporation must file a Schedule C for the S corporation on Schedule C (Form 1040) or Schedule C-EZ (Form 1040-EZ); or Schedule CX/S (Form 1040-S), if electing to be treated as an S corporation on November 21, 2020. State of Washington: Business owners do not pay personal income tax on income from their “business enterprise” (i.e., their “corporation”). They are generally taxed through the state. The Washington State Small Business and Job Creation Act (SB-2517) requires S corporations to file a business entity return, which includes, among other things, an informational return which identifies the name(s) of the owners and determines ownership interests. For information on SB-2517, contact the Washington State Department of Revenue.  Jan 11, 2024 — You are generally an S corporation in 2024 unless: Form 2553 election has been made You and any of your related owners have met the ownership requirements for a corporation You are an active business owner; You have made arrangements to ensure you will qualify, with an election in force, until January 1, 2022, You have elected under the SB-2517 and are filing a return under SB-2517 and SB-2535, as explained below (see also the discussion of SB-2517 in the State of Washington Business Organization Guide). SB-2517 and SB-2535 — State of Washington business organization guide SB-2517 does not apply to an S corporation if the S corporation is classified as an L corporation, and a Schedule C/S (Form 1040). S corporation elections Form 2553 election (for the form 2553) You are an individual eligible to elect to be an S corporation, and you are the owner of the corporation, or any of the owners of the corporation. If your corporation is not a partnership (as described in Regulations section 1.1011-4), your shareholder's shares of stock are treated as having been acquired on a “sale for less than fair market value” basis, and therefore their transfer tax is zero. Under ordinary circumstances, an S corporation need not qualify. For more information, see Publication 536, Corporations. The election will be made on Schedule C/S (Form 1040) or Schedule C-EZ (Form 1040-EZ) at the close of the taxable year.

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