S Corporation Form Application For Corporation
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FAQ
Use Form 8832, Entity Classification Election to make an election to be an association taxable as a corporation. Use Form 2553, Election by Small Business Corporation to make an election to be an S corporation.
The difference is that Form 1120 is used by C corps (which are liable for corporate federal taxes), while Form 1120-S is used exclusively by S corps. In contrast to C corps, S corps are exempt from corporate federal taxes due to income, credits, deductions, and losses being passed through to shareholders.
IRS Form 2553 (Election by a Small Business Corporation) is the form that a corporation (or other entity eligible to be treated as a corporation) files to be treated as an S corporation for federal tax purposes. Must have no more than 100 shareholders (or LLC members).
In order to become an S corporation, the corporation must submit Form 2553, Election by a Small Business Corporation signed by all the shareholders.
C corporations use Form 1120 to calculate their taxes due. S corporations use Form 1120S as an information return. S corporations must also prepare a form 10 K-1 for each shareholder to include with their individual returns.