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So I submitted 2553 to the federal government, what else do I need to submit ? To have my LLC treated like a s Corp. Also, how do I get a sep ira if I hired myself as an Employee.
AI accountant’s answer:
Congratulations, as long as you filed your Form 2553 on time, there is nothing more you need to do but wait for confirmation from the IRS that they accepted your filing. As far as setting up an SEP IRA, you'll need to work with a financial institution to set this up. You'll need to complete their application and fund the account. You'll also need to put together an SEP plan document that spells out the requirements and details of the plan. Luckily, the IRS has a document you can use.
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Answer
Congratulations, as long as you filed your Form 2553 on time, there is nothing more you need to do but wait for confirmation from the IRS that they accepted your filing. As far as setting up an SEP IRA, you'll need to work with a financial institution to set this up. You'll need to complete their application and fund the account. You'll also need to put together an SEP plan document that spells out the requirements and details of the plan. Luckily, the IRS has a document you can use.
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Melissa Pedigo, CPA
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