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Form Instructions 2553 for Orange California: What You Should Know

As you can see, this is a very big deal, so keep your eyes peeled for your local tax office! You can use Form 2553 to: • Form a small business corporation • Form a limited liability company If you are interested in becoming a corporation, you can use a similar form as an LLC, although it's not as formal.  As with S corporations (and LCS), it's best to read the instructions, because once you're done you can do things much faster for the future. Now, I want to address a question that I've seen asked in the comments. Is IRS Form 2553 not considered a written tax return? No, it's considered a legal tax return under IRC 7201. I've personally read on many occasions that Form 2553 is not considered by IRS to be a legal tax return.  This may seem like a silly question, but keep in mind the IRS is very thorough when it comes to this and has extensive records of every single S corporation transaction.  Now, let's get into the really cool part: IRS Publication 1461. IRC 7201, Corporations, Limited Liability Companies, and Partnerships If you have ever read the IRS publication Tax Topic 1131, you know that IRC 7201(a), (e), and (d) are the “four essential conditions for forming an S corp”. The only thing that needs to happen to become a corporation (or be considered an S corp with respect to a certain income).  If there are not 4 essential conditions (in this case, a small business corporation or a partnership) they require you to use Form 2150 to become an S corporation. Form 2150 is the final step and a legal form of proof of a business entity, and you must use Form 2553 to qualify for S corp. So, what are the benefits of using IRS Publication 1461? • As you can see, it discusses all of these requirements (including the last requirement, I mentioned earlier) in detail.  • It includes a table and a list of all the business entity and other documentation you need to file (in this case, Form 2553).  • It lists the various steps to being an S corporation (including completing Form 2553, filing an election, and submitting the election for approval). • It gives a sample letter for approval.

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