Some companies may choose to be treated as S. The choice of federal tax levied on corporate income. In its website, the U.S. IRS: "The elections should be treated as a society, S the flow of income made possible by the company without being taxed them as income until the shareholders' claim is made. This avoids double taxation of business profits.
To qualify as an S company, you need to make a deposit, a timely and accurate Form 2553, the election by a smallBusiness Corporation. According to the IRS, the company has to its S election is not in the first two and a half months after the expenditure of the company for the year or at any time during the previous fiscal year. If the S election after the first two months of the year made and half of the companies, so that society will not be treated as a society S, until the next fiscal year.
The status of the IRS tax years in a company usually starts the firstOf
1. The date would have to Corporation shareholders;
2. the date, the Company acquired the assets, or
3. the date, the company began to make deals.
The IRS also says that a company is entitled to limited liability company (LLC), as a society can be dealt with as a society S is classified, unless they take into account all the requirements, an S-Corporation LLC If all requirements are met regarding the as an S-Corporation, LLC files as aForm 2553rd
The date of signature line of the form 2553 and signed by the President, Vice President, Treasurer, Treasurer of the support, authorized the Chief Accounting Officer of the Company or other officer to sign. In addition, the module 2553, it is a signature line for the declaration of the shareholders' approval. All shareholders who own shares on the date of the election must consent to the election, and all have to be signed, and date of the declaration of consent.
AArticle published by the IRS, the Company D is the most common type of business. S companies represent approximately 60% of all enterprises. The total number of returns is increased from S presented each year since 1997. S Company was the most common type of business in 1997.
Jo Ann Joy, CEO
http://www.IndigoBusinessSolutions.net, telephone (602) 663-7007
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