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Form Instructions 2553 online LA: What You Should Know

The corporation must complete a Form 2553 for each tax year of the corporation's ownership history. If you don't file with Form 2553, you'll fail to meet the section 1362 election. The corporation may be treated as an S corporation from the time it became an S corporation. You can't elect to have your corporation be treated as an S corporation until it starts operating. After you've made a Form 2553 for the taxes the corporation has paid so far (not including the year for which you elect at the bottom of Form 2553), you must file the Form 2553 for the next tax year. You may need a form 2553 in either the current year or the year in which you will be filing a Form 1040 or Form 1040A. It is important to make the election to tax as an S corporation each year on the appropriate Form 2553. After filing tax return for the year that is the ownership tax year, you may need to file an amended Form 2553 in connection to an upcoming tax year that your corporation is required to pay income tax. The form 2553 will be required every two years (or every year you go through the ownership tax year) and must include information on your ownership history. You may also need the Form 2553 to provide information to the IRS about an ownership change. The amended form 2553 will be filed on or before the last day of the calendar year in which the ownership tax year ends. The amended Form 2553 will not be accepted by the IRS for filing, and you must file the form once more in that calendar year. If a new election is required before a corporation's tax year is finished, it is no longer considered an ownership tax year. This is important when a corporation may have elected to use a similar election earlier for another tax year. About Form 2553, Election by a Small Business Corporation Form 2553 is used by qualifying small business corporations and limited liability companies to make the election prescribed by Sec. 1362.

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