Faxing Form 2553 to the Internal Revenue Service (IRS) is a key step for small businesses looking to become S corporations. This process can seem tricky, but it’s actually quite straightforward when you know the steps.
You can fax Form 2553 to the IRS using the fax number for your state, which can be found on the IRS website. It’s important to include a cover sheet with your name, phone number, and Employer Identification Number when faxing. This helps ensure your form is processed correctly and efficiently. Faxing the form online is also an option which we will talk about later.
Businesses have a limited time to file Form 2553 after incorporating or at the start of a new tax year. Faxing offers a quick and convenient way to submit the form, especially for those racing against the clock. By following the correct procedures, companies can smoothly transition to S corp status and enjoy the tax benefits that come with it.
The Filing Process of Form 2553
Filing Form 2553 involves several key steps and considerations. It’s crucial to prepare the form correctly, submit it on time, and use the right method for sending it to the IRS.
Preparation of Form 2553
Getting Form 2553 ready takes some work. First, gather all needed info about the company and its shareholders. Fill out each part of the form carefully. Make sure to include the corporation’s name, address, and employer ID number.
Double-check that all shareholders have signed. Their consent is a must. Look over the form for any errors. Even small mistakes can cause delays.
Don’t forget to pick an effective date for the S corporation status. This date matters for tax reasons.
Faxing to the IRS
Faxing Form 2553 is a quick way to submit it. Once Form 2553 is ready, it can be sent using either a traditional fax machine or online faxing services. If you want to send the form the traditional way, here’s a list of places to fax from.
The IRS has two fax numbers, based on where the business is. For most states, fax to 855-214-7520. But if you’re in Connecticut, Delaware, District of Columbia, or a few other states, use 855-887-7734. If unsure, check this IRS website page.
Here’s the table for reference:
| Location | IRS Center Address or Fax |
|---|---|
| CT, DE, DC, GA, IL, IN, KY, ME, MD, MA, MI, NH, NJ, NY, NC, OH, PA, RI, SC, TN, VT, VA, WV, WI | Department of the Treasury Internal Revenue Service Kansas City, MO 64999 Fax: 855-887-7734 |
| AL, AK, AZ, AR, CA, CO, FL, HI, ID, IA, KS, LA, MN, MS, MO, MT, NE, NV, NM, ND, OK, OR, SD, TX, UT, WA, WY | Department of the Treasury Internal Revenue Service Ogden, UT 84201 Fax: 855-214-7520 |
When faxing, use a cover sheet. Put the company name and EIN on it. Keep the fax receipt as proof of sending.
Can You Fax Form 2553 Online
Yes, you can fax Form 2553 online. Many services let you send faxes via the internet. They turn your document into a fax and send it to the IRS fax number. Here’s how to do that using Municorn iPhone Fax app:
- Get the app on App Store and sign up for an account: Plans start at just $9.99 per week of unlimited faxing, which is enough time to send a fax and receive a confirmation.
- Go to the Send Fax Page: Once you’re logged in, go to the Send Fax page. Enter the IRS fax number for Form 2553 in the “To” field, including the country code, area code, and fax number.
- Upload Your Form: Upload your completed Form 2553 PDF file or scan it with the very same fax app.
- Send Your Fax: Click the send button. The app will automatically convert your form into a fax and send it to the IRS.
- Wait for Confirmation: Keep an eye out for your fax confirmation. This will prove that the IRS has received your Form 2553.
Using an online fax app like Municorn is much easier and faster than traditional faxing Form 2553. You can do this from any device with an internet connection, without needing a physical fax machine.
Is It Safe to Fax Form 2553 Online
Faxing Form 2553 online is generally safe. But take care to protect sensitive info. Use a reputable online fax service with good security measures.
Look for services that use encryption. This keeps your data safe while it’s being sent. Also, pick a service that doesn’t store your faxes long-term.
Remember, the form has private details. Treat it like any important document. Don’t use public Wi-Fi to send it. A secure, private internet connection is best.
Important Deadlines and Dates
Timing is key when filing Form 2553. For a new corporation, file within 2 months and 15 days of the start of the tax year. For existing corporations, the deadline is 2 months and 15 days after the start of the tax year the election should take effect.
Missing the deadline? Don’t panic. Late elections are sometimes allowed. The IRS has rules for these cases. You might need to explain why you’re late.
Keep track of when you send the form. The IRS should respond within 60 days. If you don’t hear back, it’s okay to follow up.
After Submitting Form 2553
Once Form 2553 is sent, there are important steps to take and rules to follow. This process involves waiting for confirmation, maintaining the right status, and meeting yearly requirements.
Confirmation and Next Steps
After faxing or mailing Form 2553, the IRS will review it. They usually respond within 60 days. If using a fiscal year, add 90 more days. The IRS will say if they accept or reject the S corporation request.
While waiting, keep doing business as usual. Don’t change tax practices yet. If the IRS needs more info, they’ll ask. Keep copies of all sent forms.
If accepted, the company becomes an S corp from the date picked on the form. If rejected, the IRS explains why. The company can fix issues and try again.
Annual Requirements and Compliance
S corps have yearly tasks to stay compliant:
- File Form 1120-S (U.S. Income Tax Return for an S Corporation)
- Give each shareholder a Schedule K-1
- Pay estimated taxes if needed
- Hold required shareholder meetings
- Keep good records of business activities
S corps must file taxes by the 15th day of the 3rd month after their tax year ends. For most, this is March 15. Late filing can mean penalties.
Proper record-keeping is key. It helps with tax filing and proves S corp status if questioned. Keep all important business and tax documents for at least 3 years.
Frequently Asked Questions
Faxing Form 2553 to the IRS involves several steps and considerations. Let’s address some common questions about the process, deadlines, and requirements.
Where can I find the most current Form 2553 instructions?
The latest Form 2553 instructions are available on the IRS website. It’s important to use the most recent version to ensure compliance with current tax regulations.
Can I submit Form 2553 online, and if so, how?
Unfortunately, Form 2553 cannot be submitted online. The IRS only accepts this form by mail or fax. Electronic filing is not an option for this particular form. You can fax it online, it’s not harder than sending an email, is safe and fast.
What is the deadline for faxing Form 2553 to the IRS?
The deadline for faxing Form 2553 is typically within 2 months and 15 days after the start of the tax year. For new corporations, this period begins on the incorporation date. Late elections may be possible in some cases.
Are there any specific formatting requirements when faxing Form 2553?
When faxing Form 2553, use clear, legible handwriting or typed entries. Ensure all required fields are completed and signatures are included. Use black ink and avoid smudges or stains on the form.
How can I confirm the IRS has received my faxed Form 2553?
To confirm receipt, keep your fax transmission confirmation. You can also follow up with the IRS by phone. If needed, a certified or registered mail receipt can serve as proof of filing for timely submissions.
