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Federal input screens

Screen 2553 - Election by Small Corporation

General Information

When the client is a C Corporation, use this link to enter the shareholder information to complete Part I, Election Information on Form 2553. You can also use this link when the client is an S Corporation, or you can complete the 2553 tab for the shareholder in View > Shareholder Information. Note the number of shares entered in the 2553 tab for the S Corporation shareholder transfers to the Beginning of year shares field on the Shareholder tab.
UltraTax/1120 prints Form 2553 when a date is entered in this field. UltraTax/1120 also uses this field to determine the due date for filing Form 2553 when the form is filed separate from Form 1120S.
Enter the applicable code if you are filing Form 1128 in conjunction with Form 2553.

Late Filing Information

UltraTax/1120 prints the text β€œFiled Pursuant to Rev. Proc. 2013-30” when you enter a reason Form 2553 was filed late.
UltraTax/1120 files Form 2553 as an attachment to Form 1120S when you enter
1
 or leave this field blank and enter data in the
Reason for failing to file election by due date
 statement dialog. UltraTax/1120 also prints the text
Includes Late Election(s) Filed Pursuant to Rev Proc 2013-30
 at the top of Form 1120S.
UltraTax/1120 files Form 2553 separately when you enter
2
 and enter data in the Reason for failing to file election by due date statement dialog. UltraTax/1120 prints
AS SOON AS POSSIBLE
 for the due date on the Form 2553 filing instructions.
Enter
X
 in the
Form 8832 (Entity classification) filed late
 field if Form 8832 was also filed late. The application prints the supplemental statements required in section 5.03 in Rev. Proc. 2013-30.
Enter data in the
ESBT election filed late
 fields if the trustee of an ESBT failed to file a timely election. The application prints the supplemental statements required in section 6.01 in Rev. Proc. 2013-30.
Enter data in the
QSST election filed late
 statement if the QSST failed to file a timely election. The application prints the supplemental statements required in section 6.01 in Rev. Proc. 2013-30.
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