Instead, they must pass on their income tax to the shareholders. Sponsored Links Step 1 — Corporation Information Enter corporations name and contact information at the top of the form. You must include the address of the corporation, employee identification number, then enter the date and state that the corporation was established. Elect in Box F the tax year you wish to be taxed on. Step 2 — Shareholders Box G must be checked if you have over shareholders but will be accounting family members as one single shareholder.
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O Check the applicable box to indicate whether the corporation is: 1. A new corporation adopting the tax year entered in item F, Part I. An existing corporation retaining the tax year entered in item F, Part I.
An existing corporation changing to the tax year entered in item F, Part I. P Complete item P if the corporation is using the automatic approval provisions of Rev.
Check the applicable box below to indicate the representation statement the corporation is making. See instructions. I also represent that the corporation is not precluded by section 4. Note: If you do not use item P and the corporation wants a fiscal tax year, complete either item Q or R below. Item Q is used to request a fiscal tax year based on a business purpose and to make a back-up section election. Item R is used to make a regular section election.
Q Business Purpose—To request a fiscal tax year based on a business purpose, check box Q1. See instructions for details including payment of a user fee. Attach to Form a statement describing the relevant facts and circumstances and, if applicable, the gross receipts from sales and services necessary to establish a business purpose.
See the instructions for details regarding the gross receipts from sales and services. Yes 2. See instructions for more information. R Section Election—To make a section election, check box R1. You may also check box R2.
About Form 2553, Election by a Small Business Corporation
Fillable form 2553 election by a small business corporation