Check S Corp Status: Everything You Need to Know
You can check your S corp status relatively easily by contacting the IRS. 3 min read
2. How long does the S-Corporation election filing take?
3. How to Obtain a Copy of a Filed Sub S Corp Election
4. Employer Identification Number (EIN)
Updated August 12, 2020:
Check S Corp Status
You can check your S corp status relatively easily by contacting the IRS. If you have properly submitted your S corporation form to the IRS and have not heard back, you can call the IRS at (800) 829-4933 and they will inform you of your application status.
How long does the S-Corporation election filing take?
Normally, the IRS will send you your S corporation application determination up to 60 days after you send in your application, known as Form 2553.
Sometimes the determination might be delayed for various reasons. In that case you may want to inquire with the IRS about your application.
S corporations may have their own forms and procedures to follow, but they still remain essential and common corporate forms for both liability and tax reasons. Here are some recent statistics on S corporations from the IRS:
• Percentage of all corporations claiming S corporation status: 61.9%
• Total annual S corporation tax returns filed: 3.3 million
• Total S corporation net income: $400.73 billion
S corporations continue to grow as a useful business form. However, it is essential that you properly manage your compliance and filings with the IRS, such as your Form 2553.
How to Obtain a Copy of a Filed Sub S Corp Election
Your original Form 2553 will still be important even after your S corporation gets approved by the IRS. When you prepare your taxes you will need to include a copy of the Form 2553. You should either keep the original or ask the IRS for a copy of your original form.
If you are requesting a copy of your original Form 2553 approved by the IRS, you will need to first find any documents or confirmations you received for the original application.
There will be a date for the IRS' confirmation form for the original S corporation application. Depending on if you are requesting a duplicate of your original application or a new form, you may need to wait one or two months for the IRS to process your form.
Under certain circumstances the timeline may be extended up to five months.
The next step is to contact the IRS. The IRS has a Specialty Tax division that can be reached during daytime hours on business days.
After reaching the IRS, you should ask them for a duplicate of your original form 2553.
The IRS will begin by verifying your identity and matching your company with the proper Form 2553. You will need to provide your company's location, federal employer ID number, and phone.
You will also need to provide your personal information and your relationship to the business. The IRS will only provide you the Form 2553 if you are a permitted agent for the business, such as its owner or a director.
The IRS will be able to provide you the Form 2553 by mail or fax.
Once you receive your Form 2553 be sure to store it carefully, as getting a new copy can be a cumbersome and time-consuming process.
Employer Identification Number (EIN)
Your EIN is an IRS-issued tax identification code. The EIN is a required code for both tax purposes, as well as many other financial functions.
Your EIN will be needed when you file your taxes. It will also be required when you are applying for permits, bank accounts, and credit cards for your company.
If you have employees then you will also need an EIN to properly report to the IRS their earnings and taxes. An EIN is also needed for a wide variety of other financial functions, primarily relating to tax filings.
Getting an EIN is relatively easy. You can apply for it online on the IRS website. Under certain circumstances, you can receive your EIN instantly, depending on your business details. In other situations, your application will require greater review and will take time to process.
If your application is pending, you can inquire as to its status online.
If you ever lose your EIN number you can also contact the IRS' specialty tax division to easily retrieve it.
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