Does Form 2553 Require Original Signatures?

For businesses that want to choose to be taxed as a S corporation for tax purposes, Form 2553 is a crucial document. This document, which serves as the corporation’s notification to the IRS of its decision, must be submitted no later than two months and fifteen days following the start of the tax year for which the election is to be effective. When filling out Form 2553, one common query is whether original signatures are necessary.

The answer is that Form 2553 does require original signatures. The form’s instructions are quite explicit that it needs to be signed by a corporate officer who is authorized to do so on the corporation’s behalf. The officer’s title and the name of the corporation must be included in the signature, which must also be dated. Although electronic signatures are now permitted on many forms, Form 2553 is not one of them.

It’s vital to remember that each shareholder must sign the form if there are many shareholders in the business. Even if the shareholder is a husband and wife who jointly own the stock, this criterion still applies. Each shareholder’s individual form needs to be finished and signed.

What is a Section 444 election is a similar query. By making this choice, certain corporations can elect to have a short tax year while still being recognized as a S company. Form 8716, Election to Have a Tax Year Other Than a Required Tax Year, must be filed with the IRS to make the choice. For the corporation to be eligible for a Section 444 election, several requirements must be met.

You can check with the IRS to see if your corporation is a S or C corporation if you’re unsure. All corporations are listed in the IRS database, which also contains information on their tax status. Additionally, you can look at the corporation’s formation papers or get advice from a tax expert.

Finally, there are a few crucial actions to do if you need to fax Form 2553 to the IRS. To begin with, confirm that the fax number you are using is the appropriate one for your area. The IRS website has a list of fax numbers. Second, make sure the fax has a cover sheet with your name, contact information, and the total number of pages. Third, make sure you have a copy of the fax confirmation page for your files.

In conclusion, Form 2553 does require original signatures, and if there are many shareholders, each shareholder must sign their own form. You can verify with the IRS or get advice from a tax expert if you’re unsure whether your corporation is a S or C corporation. Follow the right steps and save a copy of the confirmation page when faxing Form 2553 to the IRS.