Get the free Form 2553 - irs

This form is used by corporations to elect to be treated as S corporations under section 1362 of the Internal Revenue Code, which outlines the necessary information and consent required from shareholders.

How to fill out form 2553 - irs

How to fill out Form 2553

1. Obtain Form 2553 from the IRS website or a tax professional.
2. Fill out the basic information section, including the corporation name, address, and Employer Identification Number (EIN).
3. Indicate the date the entity was formed and the tax year that ends for this corporation.
4. In Part 1, select the type of eligible entity that is filing the form.
5. Complete the eligibility requirements in Part 2 by answering questions related to the company's structure and shareholders.
6. List all shareholders in Part 1, including their names, addresses, and ownership percentages.
7. Have all shareholders sign and date the form, indicating their consent to the S-corporation election.
8. Submit the form to the appropriate IRS address by the specified deadline, ensuring that it is done within 2 months and 15 days of the desired S-corp election date.

Who needs Form 2553?

1. Small business corporations that wish to be taxed as S-corporations for federal tax purposes.
2. Eligible domestic corporations with at least one eligible shareholder.
3. Corporations wanting to avoid double taxation on income and take advantage of pass-through taxation.

For pdfFiller’s FAQs

What is Form 2553?

Form 2553 is a tax form used by a corporation to elect an S corporation status in the United States, allowing it to pass corporate income, losses, deductions, and credits to its shareholders for federal tax purposes.

Who is required to file Form 2553?

Corporations that wish to elect S corporation status must file Form 2553. This typically includes small business corporations that meet specific criteria set by the IRS.

How to fill out Form 2553?

To fill out Form 2553, a corporation must provide information such as its name, address, the date of incorporation, and the number of shareholders, along with their consent signatures. Detailed instructions are provided by the IRS on the form.

What is the purpose of Form 2553?

The purpose of Form 2553 is to allow eligible corporations to choose S corporation treatment, which enables them to be taxed as pass-through entities, thus avoiding double taxation on corporate income.

What information must be reported on Form 2553?

Form 2553 requires reporting of the corporation's name, address, tax year, date of incorporation, number of shareholders, and the signatures of all shareholders consenting to the S corporation election.