IRS Form 2553 is used by qualifying small business corporations and LLCs to make an election under Section 1362(a) to be an S corporation.
With our editable Form 2553, you can easily fill out the designated fields online and download it to your device, all in a few clicks.
IRS Form 2553 is used by qualifying small business corporations and LLCs to make an election under Section 1362(a) to be an S corporation.
With our editable Form 2553, you can easily fill out the designated fields online and download it to your device, all in a few clicks.
Form 2553 is used to make an election to be treated and taxed as an S corporation instead of a C corporation or LLC. When an entity is classified as an S corporation, its taxes pass directly to the shareholders, who must report them on their individual income returns. This is done to avoid double taxation.
Keep in mind that all shareholders of the corporation must sign the consent statement in Part I. The election is invalid if any shareholder fails to provide consent.
Form 2553 should be used by businesses that wish to be taxed as S corporations and meet the following criteria:
For more information on the criteria and requirements, check the official IRS website.
Form 2553 is due two months and 15 days after the beginning of the tax year in which the election is to take effect. Furthermore, you can make an election and file the return at any time in the tax year prior to the one when it should take effect.
In other words, if your corporation’s tax year begins on January 1st, and you wish to make an S corporation election, you should file Form 2553 by March 15th. You can also do it at any point before January 1st.
If Form 2553 isn’t submitted, the entity keeps the original classification and isn’t treated as an S corporation for taxing purposes. However, it’s possible to still make an election even if you’ve missed the Form 2553 deadline, as long as you can provide a reasonable explanation for the delay.
You should file Form 2553 with the IRS, using one of the addresses provided on the official website. When requesting a late election relief, you may attach it to Form 1120-S and submit these two together. Keep in mind that you can’t e-file Form 2553; you can only mail or fax it.
You can get a blank Form 2553 from pdf.net or the official IRS website. Both copies are valid, and you can easily open them in our PDF editor to fill them out online.
No, you cannot submit Form 2553 electronically. You have to either mail it to one of the designated addresses or fax it.
If your Form 2553 is missing information, the IRS may reject it and deny your election, so you need to submit a new, properly completed document. Write “Corrected” at the top of the page, and make sure to check whether your new filing still meets the deadline. If not, you will have to submit a request for late election relief.
To avoid these complications, it’s best to use an official Form 2553 example as guidance when filling out yours.
Yes, you can fill out your Form 2553 online with our PDF editor. However, you’ll need to download and print it to submit it.
This form is free to view and edit, but downloading Form 2553 requires a subscription plan. Check out our pricing page for more information.
Yes, you can correct mistakes on Form 2553 by submitting a new, updated document and marking it as “Corrected”. Add a supplemental letter to explain what corrections you have made.
Typically, it takes 60 days to process Form 2553, after which you will receive either an approval or a denial. However, if you’ve checked box Q1 in Part II, it may take an additional 90 days for the processing to be completed. If you don’t receive an answer within that time, contact the IRS for more information.