How can a Corporation qualify to be an S Corporation?
The IRS states that in order to qualify as an S-Corporation for the 2008 tax year, a "calendar year" corporation must timely file IRS Form 2553 - Election by a Small Business Corporation" with the IRS. No payment is required with the filing of this form!
Where should the Form 2553 be mailed?
The following is the mailing address where this form should be mailed:
Department of the Treasury.
Internal Revenue Service,
Cincinnati, OH 45999
When should this form be mailed?
The IRS states that "if a corporation was in existence in 2007 or earlier, then this filing must be submitted to the IRS on or before: March 17, 2008."
But, if the corporation is a "New Corporation" (formed on or after 1/1/2008), then the S-Corporation election "may be submitted at anytime during its tax year so long as the filing is made no later than 75 days after the corporation has begun any of the following activities (whichever is earliest)."
Last edited by TaxGuru : 07-10-2008 at 02:52 PM.