Small Business Reading Room


Thursday, June 01, 2006

Taxpayer Burden Reduction Office to Simplify S-Corporation Elections

If you are one of the approximately 700,000 small business taxpayers expected to complete the IRS Form 2553 this year to seek S-corporation tax treatment, this information could affect you.

The IRS Taxpayer Burden Reduction office is beginning an initiative to focus on the Subchapter S election process to develop recommendations to:

  • Simplify the election process for taxpayers

  • Reduce internal costs associated with processing elections

  • Promote efficient and accurate assessment of tax against entities

The IRS expects to simplify the S-corporation election process through legislative and/or processing changes that would minimize the impact of Form 2553 on the processing of Form 1120-S returns.

How do you feel about all this?

E-mail your comments to *SBSE S-Corp mailbox to help improve the process.
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Delaware Intercorp, Inc.
113 Barksdale Professional center
Newark, DE 19711-3258

"For all the best reasons to incorporate,the best place
is Delaware and the best incorporator is
Delaware Intercorp!"

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