IRS Instruction 2553 2020-2023 free printable template

Form 2553 is an IRS form that is used by small businesses to elect to be treated as an S-Corporation for federal income tax purposes. It must be filed with the IRS within two months and fifteen days of the start of the tax year for which the election is to be effective.

Form 2553 is an IRS form used to elect a corporation to be treated as an S corporation for federal tax purposes. This election allows the corporation to take advantage of the benefits of an S corporation, such as avoiding double taxation on corporate income, while still allowing the owners to take advantage of certain tax deductions and credits.

Form 2553 requires the following information: 1. The name, address, and employer identification number (EIN) of the corporation. 2. The date of incorporation or qualification as a foreign corporation, the state or other jurisdiction in which it was incorporated or qualified, and the date on which the election is to be effective. 3. The name, address, and taxpayer identification number (TIN) of each shareholder. 4. The number of shares of stock outstanding, the number of shares of each class of stock outstanding, and the par value of each class of stock. 5. Whether the corporation has been authorized to issue more than one class of stock. 6. The name and address of the corporation's principal office and the name and address of the corporation's registered office and its registered agent at such office. 7. The name and address of the corporation's president, treasurer, and secretary. 8. The signature of an authorized officer of the corporation.

The deadline to file Form 2553 in 2023 is March 15, 2023.

If an S corporation fails to timely file Form 2553, the IRS may impose a penalty of up to $195 per month for each month or part of a month the filing is late, up to a maximum of 12 months.

Form 2553, also known as the Election by a Small Business Corporation form, is required to be filed by certain types of businesses that want to be treated as an S corporation for tax purposes. This includes owners of eligible domestic corporations, limited liability companies (LLCs), and partnerships.

To fill out Form 2553, which is used by eligible corporations to make an election to be treated as an S corporation, follow these steps: 1. Obtain a copy of Form 2553: Download the form from the official IRS website or request a copy from your tax advisor. 2. Identify the eligible corporation: Ensure that your corporation meets all the required criteria to qualify for S corporation status. These criteria include having fewer than 100 shareholders, having only eligible shareholders (individuals, certain trusts, and estates), and having only one class of stock. 3. Provide general information: Fill in the top section of the form, including the corporation's name, address, Employer Identification Number (EIN), and the effective date for the election. 4. Select the tax year: Determine the desired tax year for the S corporation election, which is usually the natural tax year ending December 31st unless a different fiscal year is needed (for example, if it aligns with the corporation's accounting period). 5. Complete the Election Information section: In this section, provide specific details about the corporation, such as its initial year of operation, accounting method, and any previous elections for S corporation status. 6. Shareholder information: List all shareholders and their respective details, including names, social security numbers (SSNs), and the number of shares held. 7. Signed consents: Obtain the necessary signatures from all shareholders, signifying their consent to the S corporation election. If the corporation has more than 100 shareholders, you need to attach a separate sheet with additional shareholder information. 8. Filing requirements: Review the instructions accompanying Form 2553 to ensure you have met all the additional requirements for filing, such as enclosing a copy of the corporation's Articles of Incorporation or similar documents. 9. File the form: Send the completed and signed Form 2553 to the appropriate IRS address as provided in the instructions. Remember to consult with a tax professional or seek guidance from the IRS if you have any doubts or questions regarding the eligibility criteria or completion of Form 2553.

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