No, is the response. The IRS prohibits taxpayers from submitting Form 2553 along with their tax return. To be legitimate, the form must be submitted separately and by the deadline. You could still be allowed to make a late election even if you missed the deadline for submitting Form 2553.
You must submit Form 2553 as soon as you can after the deadline has passed in order to make a late election. Additionally, you need to provide a justification for the late filing and demonstrate that you had a valid reason for it. Following that, the IRS will decide whether to approve your request for a late election.
Eligible entities choose their tax classification using Form 8832, Entity Classification Election. To choose to be treated as a corporation or a partnership for tax purposes, submit this form to the IRS.
You must submit both Form 8832 and Form 2553 if you are an eligible entity and want to opt to be treated as a S corporation. To opt to be treated as a corporation, use Form 8832, and to elect to be treated as a S corporation, use Form 2553.
If you had a valid reason for the delay and missed the deadline to submit Form 2553, you could still be entitled to make a late election. Each taxpayer’s situation’s facts and circumstances are taken into consideration when determining what constitutes reasonable cause in that particular scenario.
Disease, the death or serious illness of a family member, natural disasters, and postal delays are a few instances of acceptable cause for failing to submit Form 2553 on time. When deciding whether to approve your request for a late election, the IRS will take into account all pertinent considerations.
Although it is not advised, you can send your taxes in a standard envelope. Your tax documents run the danger of being lost or stolen in transit if you use regular envelopes, which are not secure. It is advised that you mail your taxes in a secure envelope, such as a USPS Priority Mail envelope.
In general, mailing the IRS is preferable to faxing is. Compared to faxes, documents sent by mail are handled more swiftly and are seen as being more official. There is no way to verify that the IRS received your fax, and faxes are also more likely to be misplaced or lost.
In summary, Form 2553 must be submitted separately and on time to be considered genuine. If you have a valid reason for the delay but missed the deadline, you might still be entitled to cast a ballot after it was too late. It is advised that you mail your taxes in a secure envelope, and that you snail rather than transmit information to the IRS.