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West Jordan Utah Form Instructions 2553: What You Should Know

You will get answers to questions like: Do I need an attorney to complete an S corporation? Do I need an attorney to complete an S corporation? No, an attorney can complete a  25-page form that is about 8.5 years old. You have two options: You can use this form to create an S corporation that is owned by your own employees. Or you can use this form to create an S corporation that you own.  Read more about how you get started. Do I need an attorney to complete an S corporation? You don't need an attorney to do this if you: A. have your business records as you originally created them, and you do not want anyone else to modify your files B. own any business assets as an S corporation You might need an attorney if you: A. own a business that generates income (even if you sell your business) and you do not own an S corporation B. own a small business and want to hire an attorney to file a Form 2553 C. own an S corporation that is not your individual business D. are not an S corporation, and will not file an election for S corporation status, and therefore your corporation is not tax-exempt What will the IRS do with my 2553? If the IRS finds that your business and the business you are forming with your employees is not an “exempt” business, you will have to file a federal income tax return and report the income earned as an S corporation. If the IRS finds that your entity qualifies as an S corporation, it will consider the existence of other S corporations that have formed during the same calendar year. Your first year of operation will be the year the income tax return is filed. If your business does not earn more than 1 million, it has a tax exemption and will not be required to file an income tax return. For each year thereafter, it will have to file a tax return. If your business does earn more than 1 million. It has a tax exemption and is taxed on the dividends received. For each year thereafter, it will be taxed on the dividends and the total amount of dividends collected. The amount of dividends collected by each corporation will be determined based on whether the  Dividend tax is taxed only on the corporation rather than on each person.

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