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Small businesses should be able to efile the form required for electing S corporation status, according to the American Institute of CPAs. The AICPA issued a comment letter to the Internal Revenue Service that said efiling Form 2553 would provide immediate, verifiable assurance of S election status and that currently the IRS's inability to verify that tne form has been filed results in delayed processing of S corp tax returns.
The AICPA said efiling would remove doubt about when a form was filed and acknowledged by the government. The organization also recommended the form be modified to identify each type of shareholder and how the stock is held. It also wants to ensure that the name, address and taxpayer identification number of each shareholder is not disclosed to every other shareholder who has to sign the form.
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