IRS Form 2553 "Election by a Small Business Corporation"

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What Is IRS Form 2553?

IRS Form 2553, Election by a Small Business Corporation, also known as the S Corporation Election Form, is a form filed with the Internal Revenue Service (IRS) by a corporation in order to elect, under section 1362(a), to be an S corporation. The form is issued by the IRS and was last revised on December 1, 2017.

Where to File Form 2553?

The original election must be sent or faxed to the IRS Center listed below. If the corporation chooses to file this form by fax, they must keep the original Form 2553 with their permanent records. Corporations may use a fillable IRS Form 2553 that is available below. The IRS provides specific instructions for the form.

What Is Tax Form 2553 Used for?

A corporation or another entity eligible to be treated as a corporation is required to use the IRS 2553 Form to elect, under section 1362(a), to be an S corporation. The income of an S corporation is generally taxed to the shareholders rather than to the corporation itself. However, it is still possible that an S corporation owes tax on a certain income.

When Is Form 2553 Due?

The form may be completed and filed at any time during the tax year that precedes the tax year when the election will take effect. If the election is being made on the same tax as the election, the deadline is 2 months and 15 days after the beginning of that tax year.

IRS Form 2553 Instructions

This form consists of four (4) parts. In order to make the election, follow these instructions for filing Form 2553:

Part I. Election Information. Enter the name and address of the corporation.
- Item A. Employer Identification Number (EIN). Enter the EIN or, if it was not yet received before the return is due, enter "Applied For" along with the date the EIN was applied.
- Items B, C, and D are self-explanatory.
- Item E. Effective Date of Election. If making the election for the corporation's first tax year in existence, enter the earliest of the following dates: when the corporation first had shareholders; when the corporation first had assets; or when the corporation began doing business. If it is not for the corporation's first tax year in existence, and the corporation wants to keep their current tax year, enter the beginning date of the tax year when the election is to be effective.
- Item F. Select Tax Year. Check the box that applies to the S corporation's selected tax year. If box (2) or (4) is checked, additional information on the tax year must be provided, and Part II must be completed. Form 2553 must be signed by the president, vice president, treasurer, chief accounting officer, assistant treasurer, or any other corporate officer authorized to sign. The form must be signed in order to be considered as timely filed.
- Items G, H, and I are self-explanatory.
- Column J. Name and Address of Shareholders. Enter the information of every shareholder required to consent to the election.
- Column K. Shareholder's Consent Statement. Each shareholder must sign and date this column.
- Column L. Stock Owned or Percentage of Ownership. Enter the shares each shareholder owns on the date this election is filed, as well as the date when they were acquired.
- Column M. Social Security Number (SSN) or EIN. Enter this information for each individual listed in column J or estate, trust, or exempt organization.
- Column N is self-explanatory.
Part II. Selection of Fiscal Year. This part must be completed if you checked box (2) or (4) in Part I, item F.
Part III. Qualified Subchapter S Trust (QSST) Election Under Section 1361(d)(2). This part may only be used if you make the election in Part I, because form 2553 can't be filed if only Part III is completed.
Part IV. Late Corporate Classification Election Representations. All the representations that are listed in this part must be attached if a late corporate classification election were to be effective on the same date that an S corporation election was intended to be effective.

Where to Mail Form 2553?

If the corporation's principal office is located in: Connecticut; Delaware; District of Columbia; Florida; Indiana; Maine; Maryland; Massachusetts; New Hampshire; New Jersey; New York; North Carolina; Ohio; Pennsylvania; Rhode Island; South Carolina; Vermont; Virginia; or West Virginia, use the following address or fax number: Department of the Treasury, Internal Revenue Service Center, Cincinnati, OH 45999, Fax: (855) 270-4081

If the corporation's principal office is located in: Georgia; Illinois; Kentucky; Michigan; Tennessee; or Wisconsin, use the following address or fax number: Department of the Treasury, Internal Revenue Service Center, Kansas City, MO 64999, Fax: (855) 887-7734

If the corporation's principal office is located in: Alabama; Alaska; Arizona; Arkansas; California; Colorado; Hawaii; Idaho; Iowa; Kansas; Louisiana; Minnesota; Mississippi; Missouri; Montana; Nebraska; Nevada; New Mexico; North Dakota; Oklahoma; Oregon; South Dakota; Texas; Utah; Washington; or Wyoming, use the following address or fax number: Department of the Treasury, Internal Revenue Service Center, Ogden, UT 84201, Fax: (855) 214-7520.

Download IRS Form 2553 "Election by a Small Business Corporation"

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2553

Election by a Small Business Corporation

Form

(Under section 1362 of the Internal Revenue Code)

(Including a late election filed pursuant to Rev. Proc. 2013-30)

OMB No. 1545-0123

(Rev. December 2017)

You can fax this form to the IRS. See separate instructions.

▶

Department of the Treasury

Go to www.irs.gov/Form2553 for instructions and the latest information.

Internal Revenue Service

▶

Note: This election to be an S corporation can be accepted only if all the tests are met under Who May Elect in the instructions, all

shareholders have signed the consent statement, an officer has signed below, and the exact name and address of the corporation

(entity) and other required form information have been provided.

Part I

Election Information

Name (see instructions)

A Employer identification number

Type

Number, street, and room or suite no. If a P.O. box, see instructions.

B Date incorporated

C State of incorporation

City or town, state or province, country, and ZIP or foreign postal code

Check the applicable box(es) if the corporation (entity), after applying for the EIN shown in A above, changed its

name or

address

Election is to be effective for tax year beginning (month, day, year) (see instructions) .

▶

Caution: A corporation (entity) making the election for its first tax year in existence will usually enter the

beginning date of a short tax year that begins on a date other than January 1.

Selected tax year:

(1)

Calendar year

(2)

Fiscal year ending (month and day)

▶

(3)

52-53-week year ending with reference to the month of December

(4)

52-53-week year ending with reference to the month of

▶

If box (2) or (4) is checked, complete Part II.

If more than 100 shareholders are listed for item J (see page 2), check this box if treating members of a family as one

shareholder results in no more than 100 shareholders (see test 2 under Who May Elect in the instructions)

▶

Name and title of officer or legal representative whom the IRS may call for more information

Telephone number of officer or legal

representative

If this S corporation election is being filed late, I declare I had reasonable cause for not filing Form 2553 timely. If this late

election is being made by an entity eligible to elect to be treated as a corporation, I declare I also had reasonable cause for not

filing an entity classification election timely and the representations listed in Part IV are true. See below for my explanation of the

reasons the election or elections were not made on time and a description of my diligent actions to correct the mistake upon its

discovery. See instructions.

Under penalties of perjury, I declare that I have examined this election, including accompanying documents, and, to the best of my

knowledge and belief, the election contains all the relevant facts relating to the election, and such facts are true, correct, and complete.

Sign

Here

Signature of officer

Title

Date

2553

For Paperwork Reduction Act Notice, see separate instructions.

Form

(Rev. 12-2017)

Cat. No. 18629R

2553

Election by a Small Business Corporation

Form

(Under section 1362 of the Internal Revenue Code)

(Including a late election filed pursuant to Rev. Proc. 2013-30)

OMB No. 1545-0123

(Rev. December 2017)

You can fax this form to the IRS. See separate instructions.

▶

Department of the Treasury

Go to www.irs.gov/Form2553 for instructions and the latest information.

Internal Revenue Service

▶

Note: This election to be an S corporation can be accepted only if all the tests are met under Who May Elect in the instructions, all

shareholders have signed the consent statement, an officer has signed below, and the exact name and address of the corporation

(entity) and other required form information have been provided.

Part I

Election Information

Name (see instructions)

A Employer identification number

Type

Number, street, and room or suite no. If a P.O. box, see instructions.

B Date incorporated

C State of incorporation

City or town, state or province, country, and ZIP or foreign postal code

Check the applicable box(es) if the corporation (entity), after applying for the EIN shown in A above, changed its

name or

address

Election is to be effective for tax year beginning (month, day, year) (see instructions) .

▶

Caution: A corporation (entity) making the election for its first tax year in existence will usually enter the

beginning date of a short tax year that begins on a date other than January 1.

Selected tax year:

(1)

Calendar year

(2)

Fiscal year ending (month and day)

▶

(3)

52-53-week year ending with reference to the month of December

(4)

52-53-week year ending with reference to the month of

▶

If box (2) or (4) is checked, complete Part II.

If more than 100 shareholders are listed for item J (see page 2), check this box if treating members of a family as one

shareholder results in no more than 100 shareholders (see test 2 under Who May Elect in the instructions)

▶

Name and title of officer or legal representative whom the IRS may call for more information

Telephone number of officer or legal

representative

If this S corporation election is being filed late, I declare I had reasonable cause for not filing Form 2553 timely. If this late

election is being made by an entity eligible to elect to be treated as a corporation, I declare I also had reasonable cause for not

filing an entity classification election timely and the representations listed in Part IV are true. See below for my explanation of the

reasons the election or elections were not made on time and a description of my diligent actions to correct the mistake upon its

discovery. See instructions.

Under penalties of perjury, I declare that I have examined this election, including accompanying documents, and, to the best of my

knowledge and belief, the election contains all the relevant facts relating to the election, and such facts are true, correct, and complete.

Sign

Here

Signature of officer

Title

Date

2553

For Paperwork Reduction Act Notice, see separate instructions.

Form

(Rev. 12-2017)

Cat. No. 18629R

Form 2553 (Rev. 12-2017)

Page

Name

Employer identification number

Part I

Election Information (continued) Note: If you need more rows, use additional copies of page 2.

Shareholder’s Consent Statement

Under penalties of perjury, I declare that I

consent to the election of the above-named

corporation (entity) to be an S corporation

under section 1362(a) and that I have

examined this consent statement, including

accompanying documents, and, to the best

Stock owned or

of my knowledge and belief, the election

percentage of ownership

contains all the relevant facts relating to the

(see instructions)

election, and such facts are true, correct,

and complete. I understand my consent is

binding and may not be withdrawn after the

corporation (entity) has made a valid

election. If seeking relief for a late filed

election, I also declare under penalties of

perjury that I have reported my income on all

affected returns consistent with the S

Social security

corporation election for the year for which

number or

the election should have been filed (see

Name and address of each

Number of

employer

Shareholder’s

beginning date entered on line E) and for all

shareholder or former shareholder

shares or

identification

tax year ends

subsequent years.

required to consent to the election.

percentage

Date(s)

number (see

(month and

(see instructions)

Signature

Date

of ownership

acquired

instructions)

day)

2553

Form

(Rev. 12-2017)

Form 2553 (Rev. 12-2017)

Page

Name

Employer identification number

Part II

Selection of Fiscal Tax Year (see instructions)

Note: All corporations using this part must complete item O and item P, Q, or R.

Check the applicable box to indicate whether the corporation is:

A new corporation adopting the tax year entered in item F, Part I.

An existing corporation retaining the tax year entered in item F, Part I.

An existing corporation changing to the tax year entered in item F, Part I.

Complete item P if the corporation is using the automatic approval provisions of Rev. Proc. 2006-46, 2006-45 I.R.B. 859, to

request (1) a natural business year (as defined in section 5.07 of Rev. Proc. 2006-46) or (2) a year that satisfies the ownership

tax year test (as defined in section 5.08 of Rev. Proc. 2006-46). Check the applicable box below to indicate the representation

statement the corporation is making.

1. Natural Business Year

I represent that the corporation is adopting, retaining, or changing to a tax year that qualifies

▶

as its natural business year (as defined in section 5.07 of Rev. Proc. 2006-46) and has attached a statement showing

separately for each month the gross receipts for the most recent 47 months. See instructions. I also represent that the

corporation is not precluded by section 4.02 of Rev. Proc. 2006-46 from obtaining automatic approval of such adoption,

retention, or change in tax year.

2. Ownership Tax Year

I represent that shareholders (as described in section 5.08 of Rev. Proc. 2006-46) holding more

▶

than half of the shares of the stock (as of the first day of the tax year to which the request relates) of the corporation have the

same tax year or are concurrently changing to the tax year that the corporation adopts, retains, or changes to per item F, Part

I, and that such tax year satisfies the requirement of section 4.01(3) of Rev. Proc. 2006-46. I also represent that the corporation

is not precluded by section 4.02 of Rev. Proc. 2006-46 from obtaining automatic approval of such adoption, retention, or

change in tax year.

Note: If you do not use item P and the corporation wants a fiscal tax year, complete either item Q or R below. Item Q is used to

request a fiscal tax year based on a business purpose and to make a back-up section 444 election. Item R is used to make a regular

section 444 election.

Business Purpose—To request a fiscal tax year based on a business purpose, check box Q1. See instructions for details

including payment of a user fee. You may also check box Q2 and/or box Q3.

1. Check here

if the fiscal year entered in item F, Part I, is requested under the prior approval provisions of Rev. Proc.

▶

2002-39, 2002-22 I.R.B. 1046. Attach to Form 2553 a statement describing the relevant facts and circumstances and, if

applicable, the gross receipts from sales and services necessary to establish a business purpose. See the instructions for

details regarding the gross receipts from sales and services. If the IRS proposes to disapprove the requested fiscal year, do

you want a conference with the IRS National Office?

Yes

2. Check here

to show that the corporation intends to make a back-up section 444 election in the event the

▶

corporation’s business purpose request is not approved by the IRS. See instructions for more information.

3. Check here

to show that the corporation agrees to adopt or change to a tax year ending December 31 if necessary

▶

for the IRS to accept this election for S corporation status in the event (1) the corporation’s business purpose request is not

approved and the corporation makes a back-up section 444 election, but is ultimately not qualified to make a section 444

election, or (2) the corporation’s business purpose request is not approved and the corporation did not make a back-up

section 444 election.

Section 444 Election—To make a section 444 election, check box R1. You may also check box R2.

1. Check here

to show that the corporation will make, if qualified, a section 444 election to have the fiscal tax year

▶

shown in item F, Part I. To make the election, you must complete Form 8716, Election To Have a Tax Year Other Than a

Required Tax Year, and either attach it to Form 2553 or file it separately.

2. Check here

to show that the corporation agrees to adopt or change to a tax year ending December 31 if necessary

▶

for the IRS to accept this election for S corporation status in the event the corporation is ultimately not qualified to make a

section 444 election.

2553

Form

(Rev. 12-2017)

Form 2553 (Rev. 12-2017)

Page

Name

Employer identification number

Part III

Qualified Subchapter S Trust (QSST) Election Under Section 1361(d)(2)* Note: If you are making more than

one QSST election, use additional copies of page 4.

Income beneficiary’s name and address

Social security number

Trust’s name and address

Employer identification number

Date on which stock of the corporation was transferred to the trust (month, day, year) .

▶

In order for the trust named above to be a QSST and thus a qualifying shareholder of the S corporation for which this Form 2553 is

filed, I hereby make the election under section 1361(d)(2). Under penalties of perjury, I certify that the trust meets the definitional

requirements of section 1361(d)(3) and that all other information provided in Part III is true, correct, and complete.

Signature of income beneficiary or signature and title of legal representative or other qualified person making the election

Date

* Use Part III to make the QSST election only if stock of the corporation has been transferred to the trust on or before the date on

which the corporation makes its election to be an S corporation. The QSST election must be made and filed separately if stock of the

corporation is transferred to the trust after the date on which the corporation makes the S election.

Part IV

Late Corporate Classification Election Representations (see instructions)

If a late entity classification election was intended to be effective on the same date that the S corporation election was intended to be

effective, relief for a late S corporation election must also include the following representations.

The requesting entity is an eligible entity as defined in Regulations section 301.7701-3(a);

The requesting entity intended to be classified as a corporation as of the effective date of the S corporation status;

The requesting entity fails to qualify as a corporation solely because Form 8832, Entity Classification Election, was not timely

filed under Regulations section 301.7701-3(c)(1)(i), or Form 8832 was not deemed to have been filed under Regulations section

301.7701-3(c)(1)(v)(C);

The requesting entity fails to qualify as an S corporation on the effective date of the S corporation status solely because the

S corporation election was not timely filed pursuant to section 1362(b); and

The requesting entity timely filed all required federal tax returns and information returns consistent with its requested

classification as an S corporation for all of the years the entity intended to be an S corporation and no inconsistent tax or

information returns have been filed by or with respect to the entity during any of the tax years, or

The requesting entity has not filed a federal tax or information return for the first year in which the election was intended to be

effective because the due date has not passed for that year’s federal tax or information return.

2553

Form

(Rev. 12-2017)

Video Instructions for IRS Form 2553

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IRS Form 2553 "Election by a Small Business Corporation"

What Is IRS Form 2553?

Where to File Form 2553?

What Is Tax Form 2553 Used for?

When Is Form 2553 Due?

IRS Form 2553 Instructions

Where to Mail Form 2553?

Download IRS Form 2553 "Election by a Small Business Corporation"

Video Instructions for IRS Form 2553

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IRS Form 2553 "Election by a Small Business Corporation"

What Is IRS Form 2553?

Where to File Form 2553?

What Is Tax Form 2553 Used for?

When Is Form 2553 Due?

IRS Form 2553 Instructions

Where to Mail Form 2553?

Download IRS Form 2553 "Election by a Small Business Corporation"

Video Instructions for IRS Form 2553

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