How To Start And Run Your Own Corporation: S-Corporations For Small Business Owners.
How To Start And Run Your Own Corporation
208 pages
6X9 Softcover Book
ISBN 0-9671624-4-0
$22.95 Retail

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How to Start And Run Your Own Corporation: S-Corporations For Small Business Owners?


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IRS Now Allows Filing Form 2553 (Election of S Corporation Status) With Corporate Tax Return

Historically, to elect S-corporation tax status for a new corporation, IRS Form 2553 was filed before the new corporation filed form 1120S, the corporate tax return for S corporations. The IRS now allows form 2553 to be filed with the first tax return.

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From the IRS website:

Revenue Procedure 2007-62 allows small businesses that missed filing Form 2553, Election by a Small Business Corporation, before filing their first Form 1120S, U.S. Income Tax Return for an S Corporation, to file both forms simultaneously. The change is effective for taxable years that end on or after Dec. 31, 2007.

Form 2553 will be updated to reflect the new rules, so taxpayers filing paper Forms 2553 should download the most recent revision from IRS.gov. Form 2553 can also be submitted electronically as an attachment to an e-filed Form 1120S.

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Peter Hupalo, author of
How to Start And Run Your Own Corporation: S-Corporations For Small Business Owners