How to File Form 2553 Online for S Corporation Election This means an S corporation designation isn’t always a surefire way to reduce your tax bill. Learn how to build, read, and use financial statements for your business so you can make more informed decisions. It must be sent via mail or fax to the […]

Your Guide to Filing Form 2553: Electing S Corporation Businesses can elect a variety of tax years and still be eligible for S corp election. To learn more, view the “general” section of the IRS instructions to Form 2553. If you miss this original deadline, you may be able to qualify for late election relief. A […]

Form 2553: Election by a Small Business Corporation IRS Form 2553 (Under section 1362) is what helps you elect to be taxed as an S corporation instead of the default C corporation status. A business that files for incorporation with the IRS is designated as a C corporation by default. It makes sense to have […]

Most organizations will also need to track payments they are owed (accounts receivable), bills that they haven’t paid (accounts payable). Just because your organization qualifies to become a tax-exempt nonprofit does not mean that taxes never need to be paid. Employees of your company are still responsible for employment taxes. Your nonprofit can also be […]

How to Fill Out Form 2553 Complete Guide by a CPA An LLC owner may be able to pay less in self-employment taxes by filing as an S corp. Form 2553 is an IRS tax form used by a corporation to make an election with the IRS for S corporation status. This election allows the […]

Having a complete record of all transactions is important for creating a nonprofit financial statement and report. It also helps during audits and ensures that the nonprofit complies with financial regulations. Allocating expenses means assigning costs to the right areas, such as different programs or departments. This helps show how money is spent and ensures […]