The IRS provides tax forms, including Form 2553, on its website at IRS.gov. To find Form 2553, click the Forms & Pubs link at the top of the home page, click the Find All Current Forms & Pubs button and enter "Form 2553" in the search bar, and then click Search.Continue Reading
Business owners who select S corporation status for their C corporations or LLCs must file Form 2553 to notify the IRS of the election, The Company Corporation explains. There are advantages for this classification, including the ability to pass the tax obligation of the company along to its shareholders, and the need to comply with a once-per-year tax filing, as opposed to a C corporation's quarterly filing.
Businesses electing an S corporation must file Form 2553 with the IRS within 75 days of the LLC or C corporation's formation, The Company Corporation warns. Businesses can also elect to become S corporations after filing their first tax returns, and they can do so within the first 75 days of the year they wish to become an S corporation. Smart Business Incorporation notes. Businesses can also request relief from the late election after the 75-day window by explaining the circumstances in the appropriate space on the form.Learn more about Income Tax