The IRS requires small business organizations to complete Form 2553, commonly known as the Election by a Small Business Corporation, in order to choose how they will be taxed. They can now be taxed as S corporations rather than C corporations, which can result in considerable tax savings. But do you have to submit Form 2553 annually? No, in a nutshell, although there are several situations in which you might need to resubmit it.
By submitting Form 2553, a Limited Liability Company (LLC) may also elect to be taxed as a S corporation. Not all LLCs, meanwhile, qualify for S corporation taxation. The only LLCs that have the option to elect S corporation taxation are those with fewer than 100 shareholders and just one class of stock. A qualified LLC that decides to be taxed as a S corporation must submit Form 2553 to the IRS.
You can use online fax services like eFax, MyFax, or FaxZero to fax documents to the IRS if you need to. Without a real fax machine, you can send faxes using these services and a computer or mobile device. Just upload your file, dial the recipient’s fax number, and press the send button.
It is typically advised to fax forms rather than mail them when submitting them to the IRS. You’ll get a confirmation that the IRS has received your document when you fax a form, and it will normally be processed more quickly than if you mail it. However, sending your form is still an option if you are unable to fax it. Just make sure to use certified mail so you have a delivery confirmation.
(855) 214-7520 is the IRS’s fax number for Form 2553. However, it’s crucial to keep in mind that the IRS only accepts faxes during business hours, which are typically Monday through Friday, 8:00 am to 5:00 pm local time. You can fax your form to the IRS at any time. It’s always better to check the IRS website or call their helpline for the most recent information because they can have particular regulations or processes in place for certain forms or during specific seasons of the year.
In conclusion, even though Form 2553 is not required to be filed annually, you might need to do so if your LLC or small business company has changes that affect its ability to qualify for S corporation taxation. If you need to fax something to the IRS, you can either ship it certified mail or transmit it online using a variety of online fax providers. To ensure a quick and easy process, just be sure to adhere to the IRS’s standards and procedures for filing forms.
You will need a fax machine or an online fax service that enables you to send faxes via email or a web portal in order to send a fax. If you’re using a fax machine, you must insert the document you wish to transmit, make the recipient’s fax number, and then push the send button. Logging into your account, uploading the document you wish to fax, entering the recipient’s fax number, and clicking send are all necessary steps if you’re utilizing an online fax service.