Form 2553 elects S corporation status for a corporation or LLC, due within two months and 15 days of the start of the tax year it is to take effect, with late-election relief available if the requirements are met.
An S corporation passes income through to owners and lets working owners take part of the profit as distributions not subject to self-employment tax, provided they pay themselves a reasonable salary first.
The deadline is the most missed date in small-business tax; late relief exists but requires a reasonable cause statement. S corporation.
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