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Election of 'S' Corporation Status and Instructions - IRS 2553

Election of 'S' Corporation Status and Instructions - IRS 2553

Q: Do I need to file both 8832 and 2553?

If you&#039;re an LLC or partnership, use Form 8832 if you want to be taxed as a C-corp, partnership, or a sole proprietor. Meanwhile, Form 2553 is for LLCs or corporations that want to be taxed as S-corps. Keep this in mind: If you&#039;re filing Form 2553, you don&#039;t need to file Form 8832.

Q: How do I fill out a 2553?

A. Employer identification number (EIN): Put your company&#039;s EIN here. B. Date incorporated: Write the date your business was incorporated or registered. C. State of incorporation: Enter the state where you formed your business. D. Check if:

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Federal - IRS

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Multi-State

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US-IRS-2553

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Description

A corporation or other entity eligible to elect to be treated as a corporation must use Form 2553 to make an election under section 1362(a) to be an S corporation.

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How to fill out Election Of 'S' Corporation Status And Instructions - IRS 2553?

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FAQ

This may take more time if you do not use the calendar year as your tax year. There is no fee to file Form 2553. However, special conditions may dictate a fee. For example, some businesses may be charged for using a non-traditional tax year.

Businesses that want to change their tax classification to an S Corporation do not need to file Form 8832. Instead, they should file Form 2553. When a single-member LLC adds more members, the business will be taxed as a partnership.

The corporation should generally receive a determination on its election within 60 days after it has filed Form 2553. If the corporation is not notified of acceptance or nonacceptance of its election within 2 months of the date of filing the taxpayer should take follow-up action by calling IRS at 1-800-829-4933.

Filing options for IRS Form 2553 include mail and fax filing. You cannot file this form online.

To elect Corporation status, the LLC must file IRS Form 8832 - Entity Classification Election. To elect S Corporation status, the LLC must file IRS Form 2553 - Election by a Small Business Corporation.

If you're an LLC or partnership, use Form 8832 if you want to be taxed as a C-corp, partnership, or a sole proprietor. Meanwhile, Form 2553 is for LLCs or corporations that want to be taxed as S-corps. Keep this in mind: If you're filing Form 2553, you don't need to file Form 8832.

A. Employer identification number (EIN): Put your company's EIN here. B. Date incorporated: Write the date your business was incorporated or registered. C. State of incorporation: Enter the state where you formed your business. D. Check if:

You do not need to file Form 8832 unless you want your single-member LLC to be classified as an entity disregarded as separate from you (such as a corporation).