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Late S Corp Election, Oops. Form 2553 (the S Corp election form) must be filed with the IRS. It is typically due within 75 days of forming your business entity or March 15 of the following year. However, in typical IRS fashion there are 185 exceptions to the rule and the late S corporation election is another example.
How Often Do I Need to File Form 2553? Once a small business files Form 2553 and is approved by the IRS to be treated as an S Corp, the election remains valid, and the business owner does not have to file Form 2553 every year.
If the trust terminates during the beneficiary's life, all of the trust assets must be distributed to the income beneficiary. In addition to the requirements in the trust itself, the income beneficiary must make an election for the trust to be treated as a QSST.
A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation.
To qualify as an ESBT, a trust must meet only three requirements: All of the trust's beneficiaries must be individuals or estates eligible to be S shareholders. ... No interest in the trust may be acquired by purchase; these interests must be acquired by gift, bequest, etc. The Trust must elect to be an ESBT.
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Abstract- Qualified Subchapter S trusts (QSSTs) can provide tax payers with substantial income tax and estate tax savings. QSSTs are different than other other S corporation trusts in that the beneficiary is usually someone other than the grantor of their estate.
If the executor transfers the S corporation stock to a trust, the trust will need to qualify as a permitted shareholder, generally requiring an election as a qualified Subchapter S trust (QSST) or an electing small business trust (ESBT).
The trust's current income beneficiary must make the QSST election. The beneficiary must file a statement that complies with Sec. 1361(d)(2) and in the manner prescribed by Regs.

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