Guide to Reviewing and Submitting Form 2553 for S Corp Election
Introduction
This guide provides step-by-step instructions for member relationship advisors (MRAs) to review and submit Form 2553 for S Corporation election. By following these steps, MRAs will ensure that the form is correctly filled out, signed, and filed with the IRS.
Step-by-Step Instructions
Access the Member Hub
Begin by accessing the member hub where MRAs can view their assigned tasks.
Locate the Task
On the left-hand side, navigate to "S Corp Filing v2" to find the task for reviewing the S corporation election documents.
Review the S Corporation Election Documents
Identify the task labeled "Review the S corp election documents" and proceed to download the document for review.
Verify Document Details
Ensure that the Form 2553 is signed and dated correctly on both pages. Verify that all personal information is accurate, including the social security number.
Return to the Hub
After verifying the document details, return to the hub to complete the review process.
Fax the Documents to the IRS
Using the state-specific fax number, fax the S Corporation election documents to the IRS. Copy the fax number from the hub for convenience.
Log in to HelloFax
Log in to HelloFax to send the fax. Complete the faxing process as required.
Confirm and Upload Fax Confirmation
After the fax has been sent, download the confirmation and upload it back to the hub to complete the task.
Check Dashboard for Submission Confirmation
Members can log into the dashboard to confirm that the 2553 form has been submitted by Collective.
Conclusion
By following these steps, MRAs can effectively review and submit Form 2553 for S Corporation election, ensuring compliance and accuracy in the filing process. Members will be notified of their election status by the IRS in due course.