IRS 2553 Forms

Choose the necessary version or schedule of 2553 forms that you would like to electronically fill out and send to the IRS

Prepare professional IRS 2553 Forms

Every citizen or legal entity, regardless of its type of ownership, size, or sphere of activity, constantly works with tax forms, including the IRS 2553 Forms. Annually these documents should be revised and submitted anew to government services, partners, contractors. To do this, you should print the blank, fill it out, make corrections, sign, wrap the papers in an envelope and send it. The whole procedure takes a long time.

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Questions & answers

Do I need to file form 2553?

Key Takeaways. IRS Form 2553 is an election to have your business entity recognized as an S corporation for tax purposes. The form should be filed before the 16th day of the third month of the corporation's tax year, or before the 15th day of the second month of a tax year if the tax year is 2½ months or less.

When must form 2553 be filed?

Form 2553 generally must be filed no later than 2 months and 15 days after the date entered for item E. For details and exceptions, see When To Make the Election and Relief for Late Elections, earlier.

Who needs to fill out form 2553?

As a small business owner, your tax classification isn't set in stone. So if you want your business to be taxed as an S corp, you'll have to fill out IRS Form 2553. You can make this request as long as you're a C corporation, single-member LLC, or multi-member LLC.

How long does it take IRS to process form 2553?

How Long Does It Take to Process Form 2553? The IRS will approve your Form 2553 within 60 days of filing. If your paperwork is correct and you file on time, then you shouldn't experience any delays in the approval process. However, 2020 and 2021 have not been standard years.

Can you file S Corp election online?

You need to file Form 2553, Election by a Small Business Corporation to be treated as an S corporation by the IRS. You may file the form online, but only from the ElectSCorp website. If you would prefer to file it offline, these instructions may be helpful.

Can I submit form 2553 online?

Form 2553 cannot be filed online.

Should I fax or mail form 2553?

Generally, send the original election (no photocopies) or fax it to the Internal Revenue Service Center listed below. If the corporation (entity) files this election by fax, keep the original Form 2553 with the corporation's (entity's) permanent records.

How long does the IRS take to process form 2553?

What is the deadline for filing form 2553?

Forms must be filed by two months and 15 days after your tax year. For businesses whose tax year is the calendar year, this means you must file by March 15. If you're making a late election, you will also have an opportunity to provide an explanation as to why on page 1.

What is IRS form 2553 used for?

Businesses can file IRS Form 2553, Election by a Small Business Corporation and elect to form an S corporation instead of a C corporation. Form 2553 allows a small business to register as an S corp rather than a C corp, and this comes with significant tax benefits that can save your company money during tax season.