Rev. December 2017
Form 2553 is used to elect S corporation status under section 1362 of the Internal Revenue Code. The form requires details such as the corporation's information, election effective date, tax year selection, shareholder consent, and late election representations. It provides instructions for filing, including where to send based on the corporation's location. The document emphasizes the importance of meeting all requirements for the S corporation election to be accepted.
Form 2553 must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.
Part III is used to make the qualified subchapter S trust (QSST) election required by section 1361(d)(2). It may only be used if corporation stock has been transferred to the trust on or before the date of the corporation’s S corporation election.
A late S corporation election refers to an S corporation election that is filed after the due date of Form 1120-S. It can be requested using Form 1128 or Rev. Proc. 2013-30.
A QSST election refers to the election required by section 1361(d)(2) that certain qualified subchapter S trusts (QSSTs) must make if they wish to be treated as an S corporation. This election is made using Form 2553, Part III.
Yes, if you are unable to file Form 2553 by the deadline, you can request relief for a late S corporation election using Form 1128 or Rev. Proc. 2013-30.
An eligible corporation or its shareholders can file Form 2553 to elect Subchapter S status. A qualified subchapter S trust (QSST) can also make a QSST election using Form 2553.
Form 2553 is used to make an election to have a corporation taxed as a Subchapter S Corporation (S corp) under the Internal Revenue Code. It must be filed with the IRS within 25 months and 15 days after the beginning of the tax year for which the election is being made.
If you fail to timely file a QSST election, relief provisions may be available under Rev. Proc. 2013-30. This provision allows eligible taxpayers to request late S corporation elections and late QSST elections for up to three prior tax years.
A late S corporation election can be made by attaching a statement to Form 2553 indicating that the corporation is eligible to elect to be treated as an S corporation. The statement must contain the date on which the corporation wishes to have its election become effective, and it must also include the representation listed in Part IV of Form 2553.
The deadline for making a late S corporation election depends on when the corporation became eligible to elect to be treated as an S corporation. Generally, if the corporation was formed after June 11th of any year and wishes to have its election become effective in that same year, it must file Form 2553 by the due date (including extensions) for filing its income tax return for that year.
Part III of Form 2553 is used to make a QSST election. This section must be completed if the corporation is making an S corporation election and it also wishes to be treated as a qualified subchapter S trust.
A backup section 444(d) election can be made if the corporation isn’t qualified to make the section 444 election after making the item Q2 back-up section 444 election or indicating its intention to make the election in item R1. It allows the corporation to be taxed as a C corporation for tax years that end within the 60-month period following the month in which the S corporation election was effective.
Part I requires you to provide basic identification information for the corporation and the person making the election. You will also indicate whether or not you intend to make a back-up section 444(d) election.
Form 2553 is one of Tax forms that are documents used to report information related to taxes to the relevant tax authority. There are various types of tax forms, including federal, state, and local tax forms, which can vary depending on the taxpayer's circumstances and location.
The easiest way to fill Form 2553 online
Delete filling session
Delete editing session
