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What is the IRS 2553?
If you have a business that is a corporation C type, but you want to switch and file taxes as a corporation S, you need to notify the IRS in advance by submitting the relevant document IRS 2553 Form. Election by a Small Business Corporation has to be submitted to the IRS in order to transfer C Corporation to S Corporation status for federal tax purposes.
What I need the IRS 2553 for?
This will help you reduce your tax liability. Instead of paying a corporate tax rate of up to 35%, Form 2553 turns your company into a transit organization for tax purposes. This means that income from your company goes directly to you (the owner), and you must pay income taxes only at your individual income tax rates.
Filling out IRS 2553
The form consists of several parts requiring the following information:
- Election information and employer identification number;
- Selection of fiscal tax year;
- QSST Election under section 1361;
- Late corporate classification election representations.
Organizations that work with IRS 2553
Addresses for submitting may vary depending on the state in which the corporate offices are located.
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