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What is the advantage of electing S corporation status using Form 2553?

Electing S corporation status can offer tax advantages, including pass-through taxation and avoiding double taxation on corporate income.

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Check your EIN confirmation letter (CP 575) first. If that is gone, look at a previously filed tax return, a business bank account application, or any 1099 you have issued. Your bank or your payroll provider will also have it on file.

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