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Missouri online Form Instructions 2553: What You Should Know
The election of a tax year may be for more than 1 tax year or for a period of less than the maximum tax year; but it need not be for more than 2 tax years. The S corporation must file Form 2553 to make the election. The owner of the corporation must complete Form 2553. The corporation may make the election on the first day of January in a subsequent tax year by filing Form 2553 on or before the earliest of August 31 of the year preceding the year for which the election is to apply or the date of the election. If the total amount or the gross income of the corporation does not exceed 10 million for a tax year, the corporation will also need to file a return for tax year 1 or 2, which does not apply in this situation. The owner of the corporation must complete a Form 2553 with the filing year(s) for which the election was made and pay the income tax on behalf of the corporation. The Form 2553 is filed by the corporation (in the case of an S corporation) or the owner of the corporation with the Missouri Secretary of State. The return is electronically filed. See Section 3.15, “Electronic Filing and Payment of Tax.” Electing an election on Form 2553 is an effective date for filing the Form 2553, but it has no effect on the date the corporation is subject to Missouri Personal Property Tax (which is paid at time of tax filing). Missouri has other deadlines for filing tax return information. See the Missouri Tax Guide. An election made under section 1362 for a short tax year and made during the year of the corporation's tax year is allowed on Form 2555, Application for Certificate of Registration, and Form 2555-PR, Nonresident Certificate of Registration for Small Business. If the election is made for a long term tax year, then only Form 2555-PR is required. The tax return must be filed no later than January 31 of the subsequent year for which election is made. Section 1362, Sec.
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