Yes, you can electronically file your S Election. Taxpayers may online submit Form 2553, Election by a Small Business Corporation, with the Internal Revenue Service (IRS). Eligible corporations that want to choose S corporation status must submit the form. As there is no need to mail the form and wait for it to be processed, filing electronically is a quick and effective approach to submit the form.
You are unable to submit Form 2553 at any time. Within two months and fifteen days of the start of the tax year in which the election is to be effective, the form must be submitted. For instance, the form must be submitted no later than March 15 if your corporation wants the election to go into effect on January 1.
The following information must be provided on Form S-Corp 2553:
– The tax year for which the election will be implemented
– The quantity of shareholders and their addresses
– The name and address of the corporation’s chief executive officer
Can LLC submit Form 2553? If an LLC satisfies the qualifying requirements, then yes, the LLC may file Form 2553. An LLC must be categorized as a domestic corporation, have a maximum of 100 shareholders, all of whom must be qualified individuals or businesses, and be registered as a domestic corporation. The LLC must also satisfy the prerequisites for S corporations. Where should I mail my 2553 form?
It’s not necessary to mail a physical copy of Form 2553 if you file it electronically. But if you’d rather submit a paper copy, you’ll need to ship it to the relevant IRS service location. Depending on where the main office of your corporation is located, you should mail the form to that address. The addresses for the various service locations are listed in the Form 2553 instructions.
If you want your corporation to be taxed as a S corporation, you must submit Form 2553, Election by a Small Business Corporation. Your firm can transmit profits and losses to shareholders for tax reasons and avoid double taxation thanks to the S corporation status.