Hello, all you beautiful people out there! I'm Attorney Aiden Kramer with the Law Office of Aiden H Kramer in Colorado, and you're watching "All Up in Your Business." I have posted a few videos in the past discussing S Corporations and what it means to be an S Corporation. I've also mentioned some of the benefits that it provides. However, the question still arises every once in a while: "How do I actually elect to be an S Corporation once I've formed my business and decided that I want it to be taxed as an S Corporation?" Well, that's what I'm going to talk about in this episode. I will explain how you can actually elect to be taxed as an S Corporation. If you have created an LLC for your business and you want it to be taxed as an S Corporation, you'll need to file IRS Form 2553. To find the form, simply go to your favorite search engine and type in "IRS Form 2553." You'll find plenty of results, and it's a fairly simple form to complete and submit to the IRS. The form will require some information about the business and the business owners. The important thing to remember, if you want your business to be taxed as an S Corporation, is that there is a time deadline for submitting this form to the IRS. If you have just formed your business, you have two months and 15 days (or two and a half months) to get this form in and elect S Corporation status for that year. If you are already past that window, you will have another opportunity. You can file within the first two and a half months of the following year to be taxed as an S Corporation for that year. For example, let's...
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1042 S lob code Form: What You Should Know
The form also includes amounts paid in respect of the following taxes (and any amounts considered to be amounts paid in respect of these taxes): withholding tax, and any foreign tax credit that was received by the taxpayer in a filing season or years (but has not yet been taken into account) due to an IRS ruling in effect at the time such payments were entered into the foreign person's federal income tax return.
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