Are you a small business owner looking to set up an S corporation? Filling out Form 2553 is a crucial step in the process. As you navigate tax season, here’s an easy-to-follow guide for faxing Form 2553 to the IRS.
What Is Form 2553?
Form 2553 is an IRS form that business owners must submit to be taxed as an S corporation. The form also notifies the IRS of the name and details of the business and the intended effective election date.
Form 2553 must be signed by all shareholders and filed within two months and 15 days after the beginning of the tax year in which the S corp election is intended to take effect. It is important to note that Form 2553 must be filed even if the business has been operating as an S corporation for several years.
Filing Form 2553 has several tax benefits, such as sharing income and losses among shareholders based on their ownership percentage. With an S corp, income and losses are passed to the shareholders on their individual tax returns instead of the corporate return to prevent the business from being taxed twice. Most domestic corporations can elect S corp status, including nonprofit organizations and other legal entities. The IRS also allows certain trusts and partnerships to make the election, though they must meet specific requirements.
The main requirements for meeting S corporation status include the following:
- Have fewer than 100 shareholders, all of whom must be individuals (or married couples)
- Hold certain types of trusts or estates
- Have no more than one type of stock
- Have no nonresident alien shareholders
- Conduct affairs as a regular corporation
- Adhere to all relevant laws
It is important to note that if a company fails to meet these requirements or does not file the form, it will be automatically treated as a regular C corporation and may be subject to double taxation.
Is It Possible To Fax Form 2553 to the Internal Revenue Service (IRS)?
Yes, you can fax Form 2553 to the IRS. When faxing your tax form, ensure your documents are in order, you’ve completed all necessary paperwork, and have attached any required forms. Once your fax has been sent, keep track of the form in your corporation’s official records for business purposes.
Where To Fax Form 2553
The IRS has straightforward Form 2553 fax instructions, but the number you’ll fax the form to will vary depending on your state. When faxing, include a cover sheet with your name, phone number, and Employer Identification Number. If your filing is accepted, the IRS will send you a confirmation letter within 60 days.
- New Mexico
- North Dakota
- South Dakota
- District of Columbia
- New Hampshire
- New Jersey
- New York
- North Carolina
- Rhode Island
- South Carolina
- West Virginia
If you can’t access a traditional fax machine, you can send Form 2553 electronically using eFax.
How To Fax Form 2553 Online With eFax
You can achieve S corp status without leaving your home or office. Let’s walk through filing Form 2553 online with eFax.
1. Compose an Email With the Appropriate Fax Number
Faxing Form 2553 online with eFax is an easy way to send important documents. To start, compose a new email address to your recipient’s fax number, followed by @efaxsend.com.
For example, if the recipient’s fax number is 555-123-4567, you should enter it into the recipient line as [email protected] to ensure your fax is delivered accurately.
In the subject line of your email, include relevant information about your fax, such as what it is, the company name or number, or anything else that might help the recipient quickly identify your document. If desired, you can also add a brief message in the body of the email letting the recipient know what they should expect to receive.
2. Attach Your Completed Form 2553
Sending your completed Form 2553 as a fax is relatively easy as long as the form is saved to your computer in an acceptable format. When creating your email, click the “Attach” button and select the document you want to fax.
Typically, PDFs are the most accessible file type and will ensure that a clear image of the form is delivered. You’ll also want to make sure the form is filled out entirely before attaching it to the email since it may be too late to make changes after you send it.
3. Click Send
Once you’ve composed your email and attached your completed Form 2553, you can send it! All you need to do is click the “Send” button in the upper-right corner of the eFax interface.
eFax will process your request and send your Form 2553 to the recipient. You’ll receive a delivery confirmation message from eFax, so you can rest easy knowing that your essential document has reached its destination.
If you have any questions or concerns about the status of your fax, you can always contact eFax Customer Support for assistance. We’re available 24/7 to help you with any faxing issues.
Fax Tax Form 2553 From Anywhere in Mere Minutes
Filing Form 2553 can seem daunting, but with eFax, it doesn’t have to be. Now that you know how to fax online with eFax, upgrade your tax status with the IRS today.
eFax makes filing taxes easy and fast for small business owners. You can fax from anywhere in minutes and return to doing what you do best — running your business. So don’t wait any longer — get started with eFax today and simplify tax filing.