Get the legal form you need right now

New Jersey S Corporation or New Jersey QSSS Election

This form is to amend registration of a business entity with the New Jersey Division of Revenue. The form provided here is simply a sample of what the actual Form CBT-2553 looks like.

CBT-2553

MAIL TO:

PO Box 308
Trenton, NJ 08625

STATE OF NEW JERSEY
DIVISION OF TAXATION
New Jersey S Corporation or New Jersey QSSS Election

Check the appropriate box:
____ Initial S Corporation Election
____ New Jersey QSSS Election (See Part V)
____ Change in S or QSSS Corporation Shareholders

Note: All changes can be filed with the S corporation final return.

Part I Corporate Information (Type or Print)

Name of Corporation ____________________________________

Federal Employer Identification Number ____________________________________

Mailing Address ____________________________________

New Jersey Corporation Number ____________________________________

City or Town ____________________________________

State ____________________________________

ZIP Code ____________________________________

Name and telephone number of corporate officer or legal representative ____________________________________

Check here ____ if the corporation has changed its name or address in the past 12 months

Date of Incorporation ____________________________________

State of Incorporation ____________________________________

Election Information

Enter the effective date of the Federal S corporation election

________/________/________ (month/day/year)

Applied for ____

New Jersey S corporation or New Jersey QSSS election is to be

effective for tax year beginning _____/_____/_____ (month/day/year)

ending ______/______/______ (month/day/year)

NOTE: If this election takes effect for the first tax year the corporation exists, enter for item 2 and item 3, the month, day and year of the earliest of the following: (1) date the corporation first had shareholders, (2) date the corporation first had assets, or (3) date the corporation began doing business.

If the accounting period you enter is for an automatic 52-53 week tax year, check here ____

Part II Shareholder's Consent Statement - By signing this election, we the undersigned shareholders, consent (1) to the corporation's election to be treated as a New Jersey S corporation under N.J.S.A. 54:10A-1, et seq., (2) that New Jersey shall have the right and jurisdiction to tax and collect the tax on each shareholder's S corporation income, as defined in N.J.S.A. 54A:5-10 and (3) such right and jurisdiction shall not be affected by a change of a shareholder's residency, except as provided in N.J.S.A. 54A:1-1, et seq. Shareholders must sign, date and provide the requested information below. For the original or initial election to be valid, the consent of each shareholder, person having a community property interest in the corporation's stock, and each tenant in common, joint tenant, and tenant by the entirety must appear below or be attached to this form. If more space is needed, a continuation sheet reporting the exact information for additional shareholders or a second consent statement must be attached to this form.

Name of each shareholder, person having a community property interest in the corporation's stock, and each tenant in common, joint tenant, and tenant by the entirety. (A husband and wife (and their estates) are counted as one shareholder).

Signature ____________________________________

Date ____________________________________

Stock Owned:

Number of shares ____________________________________

Dates acquired ____________________________________

Social Security Number or Employer Identification Number for an estate or qualified trust ____________________________________

* Shareholder's state of residency ____________________________________

* You must provide the address of any shareholder who is not a resident of New Jersey on a rider and attach it to this form.

Part III Corporation's Consent Statement
- The above named corporation consents (1) to the election to be treated as a New Jersey S corporation under N.J.S.A. 54:10A-1, et seq., (2) to fulfill any tax obligations of any nonconsenting shareholder who was not an initial shareholder as required by any tax law in the State of New Jersey including the payment of tax to the State of New Jersey on behalf of such shareholder. (An authorized officer must sign and date below.)

Under penalties of perjury, I declare that I have examined this election, including accompanying schedules and statements, and to the best of my knowledge and belief, it is true, correct, and complete.

Signature of authorized officer ____________________________________

Title ____________________________________

Date ____________________________________

Part IV Persons who are no longer shareholders of the corporation.

Do not enter any shareholder who sold or transferred all of his or her stock before the election was made.

Name of shareholder, person no longer having a community property interest in the corporation's stock, tenant in common, joint tenant, or tenant by the entirety. (A husband and wife (and their estates) are counted as one shareholder).

Date Stock Relinquished ____________________________________

Social Security Number or Employer Identification Number for an estate or qualified trust ____________________________________

Under penalties of perjury, I declare that the above, to the best of my knowledge and belief, is true, correct, and complete.

Signature of authorized officer ____________________________________

Title ____________________________________

Date ____________________________________

Part V Qualified Subchapter S Subsidiary Election

Corporation's Consent Statement - The above named corporation consents (1) to the election to be treated as a "New Jersey Qualified

Subchapter S Subsidiary", and (2) to file a CBT-100S reflecting the $200 minimum tax liability yearly. (An authorized officer must sign and date below.)

Under penalties of perjury, I declare that I have examined this election, and to the best of my knowledge and belief, it is true, correct, and complete.

Signature of authorized officer ____________________________________

Title ____________________________________

Date ____________________________________

Corporate Parent Company's Consent Statement - By signing this election, the undersigned corporation consents (1) to the subsidiary's election to be treated as a "New Jersey Qualified Subchapter S Subsidiary" and (2) to taxation by New Jersey by filing a CBT-100S or a CBT-100 and remitting the appropriate tax liability including the assets, liabilities, income, and expenses of its QSSS.

Corporate Parent Name ____________________________________

Address ____________________________________

FID Number ____________________________________

Under penalties of perjury, I declare that I have examined this election, and to the best of my knowledge and belief, it is true, correct, and complete.

Signature of authorized officer ____________________________________

Title ____________________________________

Date ____________________________________


-----------------------------
INSTRUCTIONS FOR FILLING OUT THIS FORM
-----------------------------

1. Purpose - A corporation must file form CBT-2553 to elect to be treated as a New Jersey S corporation or a New Jersey QSSS or to report a change in shareholders. Check the appropriate box to indicate if this is an initial S corporation election or a change in S or QSSS corporation shareholders or a New Jersey QSSS election.

2. Who may elect - A corporation may make the election to be treated as a New Jersey S corporation only if it meets all of the following criteria:
a) The corporation is or will be an S corporation pursuant to section 1361 of the Federal Internal Revenue Code;
b) Each shareholder of the corporation consents to the election and the jurisdictional requirements as detailed in Part II of this form;
c) The corporation consents to the election and the assumption of any tax liabilities of any nonconsenting shareholder who was not an initial shareholder as indicated in Part III of this form.

3. Where to file - Mail form CBT-2553 to: New Jersey Division of Taxation, PO Box 257, Trenton, NJ 08646-0257

4. When to make the election - The completed form CBT-2553 shall be filed within one calendar month of the time at which a Federal S corporation election would be required. Specifically, it must be filed at any time before the 16th day of the fourth month of the first tax year the election is to take effect (if the tax year has 3-1/2 months or less, and the election is made not later than 3 months and 15 days after the first day of the tax year, it shall be treated as timely made during such year). An election made by a small business corporation after the fifteenth day of the fourth month but before the end of the tax year is treated as made for the next year.

5. Acceptance or non-acceptance of election - The Division of Taxation will notify you if your election is accepted or not accepted within 90 days after the filing of the CBT-2553 form.

6. End of election - Generally, once an election is made, a corporation remains a New Jersey S corporation as long as it is a Federal S corporation. There is a limited opportunity to revoke an election only during the first tax year to which an election would otherwise apply. To revoke an election, a letter of revocation signed by shareholders holding more than 50% of the outstanding shares of stock on the day of revocation should be mailed to the address in instruction 3 on or before the last day of the first tax year to which the election would otherwise apply. A copy of the original election should accompany the letter of revocation. Such a revocation will render the original election null and void from inception.

7. Initial election - Complete Parts I, II and III in their entirety for an initial New Jersey S Corporation election. Each shareholder who owns (or is deemed to own) stock at the time the election is made, must consent to the election. A list providing the social security number and the address of any shareholder who is not a New Jersey resident must be attached when filing this form.

8. Reporting shareholders who were not initial shareholders - Complete Parts I, II and III when filing this form to report any new shareholder. A new shareholder is a shareholder who, prior to the acquisition of stock, did not own any shares of stock in the S corporation, but who acquired stock (either existing shares or shares issued at a later date) subsequent to the initial New Jersey S corporation election. If a new shareholder fails to sign a consent statement, the corporation is obligated to fulfill the tax requirements as stated in Part III on behalf of the nonconsenting shareholder. An existing shareholder whose percentage of stock ownership changes is not considered a new shareholder. If the taxpayer previously had elected to be treated as a New Jersey QSSS, the new shareholder must also complete Part V.

9. Part IV should only be completed for any person who is no longer a shareholder of the corporation. You do not have to enter any shareholder who sold or transferred all of his or her stock before the election was made. All changes can be filed with the S corporation final return.

10. Part V must be completed in order to permit a New Jersey S Corporation to be treated as a New Jersey Qualified Subchapter S Subsidiary and remit only a minimum tax. In addition, the parent company also must consent to filing and remitting New Jersey Corporation Business Tax which would include the assets, liabilities, income and expenses of its QSSS along with its own. Failure of the parent either to consent or file a CBT-100 or CBT- 100S for a period will result in the disallowance of the New Jersey QSSS election and require the subsidiary to file and remit a CBT- 100S determining its own liability.

Legal Forms Categories

Recently Added Forms

Library Of Legal Forms