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McAllen Texas Form Instructions 2553: What You Should Know

Form 2553 if a C-Corporation doesn't plan to file taxes in an S-corp? You can file Form 2553 for any taxable year for which you believe you should be taxed. What's more, you may elect to file Form 2553 even if you do not plan to file taxes for that taxable year. Why should you file Form 2553? The Form 2553 is not a filing requirement. If you choose this method of filing you must file it with all the relevant information on time. The Form 2553 is not a substitute for other methods that will satisfy both the requirements (Form 2032, 25-30, Form 4030, Form 4061), or other provisions of law (see below). For more details on the requirements and penalties for not filing with Form 2553 please visit the Forms and Payment Information for Small Businesses & Non-Profits About Form 2553, Election by a Small Business Corporation Form 2553 is used by qualifying small business corporations and limited liability companies (LCS) to make the election prescribed by Sec. 1362. Instructions for Form 2553 For a tax year during which you intend to be taxed as an S corporation, a qualifying S corporation (USB), you must enter into a tax election for that tax year and file a Tax Return. An election is the document in which the S corporation sets forth the terms (the plan) for the corporation's operations during that tax year. The election may be made on Form 1120S and is effective for each taxable year during which it is in effect. The election may be made at any time before the filing due date(s) due at least 5 days after the last day of the month of the preceding tax year by filing Form 2553.  For a tax year during which you intend to be taxed as an FSB, you must file a tax election with the IRS on Schedule A or with the S corporation. The election is effective for the time period described in “Form 2553 and Tax Year” below. The election may be made before the filing due date(s) due at least 5 days after the last day of the month of the preceding tax year by filing Form 2553, Schedule A, or Form 2553, Schedule B, under sections 765 and 766, respectively.

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