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It is (a) a domestic corporation, or (b) a domestic entity eligible to elect to be treated as a corporation, that timely files Form 2553 and meets all the other tests listed below. If Form 2553 isn’t timely filed, see Relief for Late Elections, later. It has no more than 100 shareholders.
Form 2553 is used by qualifying small business corporations and limited liability companies to make the election prescribed by Sec. 1362. A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362 (a) to be an S corporation.
In our simple guide, we'll walk you through form 2553 instructions so you can legally and officially start your new S corporation in the U.S.
Fast facts about Form 2553. Form 2553 is an IRS form that allows you to apply for subchapter S-corporation (S-corp) taxation status for your business. Although many LLCs elect S-corp status, an LLC is not the same thing as an S-corp, and LLCs must complete a form (Form 2553) to enjoy S-corp taxation status. There are additional rules and filing ...
We’ll walk you through how to fill out form 2553 so that your business can be taxed as an S Corporation. We included examples to guide you.
In this article, we'll walk you through everything you need to know about Form 2553, from the basics of S-corp election to the nuances of filling out and filing the form. Discover why this information is crucial for your small business’s tax strategies and financial health.
Form 2553 is used by limited liability companies (LLCs) and corporations to elect the S corporation (S corp) tax classification with the US Internal Revenue Service (IRS). Our Form 2553 Instructions guide below covers: Form 2553 due dates; How to complete form 2553; Where to file form 2553; When to elect S corp status; Need to speak to a tax ...