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Los Angeles California Form Instructions 2553: What You Should Know

This is the form that should be filed if you operate an entity, such as an LLC. It will also be filed if you have any other type of business entity including a Limited Liability Company (LLC) the IRS will require the necessary Forms 1120, 1120EZ, 1120EZ-T,1120C, 1120S, 1161X, 2110, and 2110-EZ. To be taxed as an S corporation, the entity must own at least 75% of the capital stock (defined as the total amount of your voting and non-voting stockholders' interests less any available preference or surplus), the net income or gross income consists of profits, and it must not be a corporation classified as a partnership for federal tax purposes such as 501(c)(3) entities (501(c)(7) and 501(c)(6) are not taxable as either individual corporations or business entities). For tax purposes, the corporation must file Form 2553, 2553-EZ, or 2553-T. The 2553 form is required when you make the election described above. For the election to apply, you must also file the following documentation with the Internal Revenue Service. Your corporate records and/or your IRS Form 990, if applicable, should reflect the election to be taxed as an S corporation using federal Form 2553. Business Income Tax Filing the 2553 is considered business income tax. Because a corporation is a corporation it must file a state income tax return in order to deduct from its federal income tax. Business Entity Class This is the class of business entity that will be taxed as an S corporation. For tax purposes, it must be classified as S Corporation. This is the class that will be taxable as an S corporation. In essence, it is the “class of business entities”. Election To Be Taxed As An S Corporation A corporation must elect to be taxed as an S corporation, for tax purposes. To do this, a corporation must file federal Form 2553, with the IRS, on or before its 30th calendar day of the taxable year of the filing date or its first day of the first taxable year that it operates or has operated during that calendar year. Taxable Period of Income One of the requirements of making the election under Sec. 1362 is that the gross income of the corporation on the date it files the 2553 must be not less than 500,000.

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