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Printable Form Instructions 2553 Charlotte North Carolina: What You Should Know

When a shareholder files a form 2553 with the IRS, the shareholder is indicating the following through its filing: That he or she is a shareholder in a corporation meeting the definition of a corporation (other than a partnership, S corporation, or partnership for which a partner is a corporation (or, in an S corporation, the partner is an S corporation)), or That the shareholder is also a member or a beneficiary of an exempt organization or trust, whichever is applicable, (if any). The shareholder's taxable income from his or her business activities (and any related income) will be subject to tax under the tax laws of the state in which the taxable income from business activities is earned and not claimed as a deduction for federal income tax. The shareholder's taxable income from his or her business activities will be subject to tax in the state of incorporation. In most cases the shareholder must file a state-by-state state tax return with the Internal Revenue Service for each tax year. If a shareholder's business is conducted primarily within a single state, the entity must file a joint state-federal tax return to report all income of that entity and any related state tax in addition to a state-federal return for any taxable income of the entity. The entity may elect to be taxed under the Internal Revenue Code, by filing Form 2553, S-Codes Qualified Corporation, or Form 2553, U.S. Limited Liability Company, or under a federal income tax treaty, by filing the appropriate federal tax return. A separate return is required for each state in which the entity is incorporated or maintains a place of business. In addition, the election must be made, whether the taxpayer has made the Election for the State of Residence, for each taxable year, for which the shareholder is liable for taxes in that state or in a state in which the shareholder's business is conducted primarily, in whole or in part, within the calendar year in which that election is made. If the return is made in one state and filed in another, both states must make the returns together. If applicable, the return must be made prior to March 31 of the subsequent tax year to be sure of proper filing. In particular, any return required to be made for the subsequent year must be filed no later than April 15 of the subsequent year. (See IRM 21.8.3.

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