Can You File S Corp Election Online?
In fact, the IRS encourages electronic filing for Form 2553, making the process quicker and more efficient. As of 2023, you can utilize the IRS’s online platform to electronically submit your Form 2553. Say goodbye to tedious paperwork and say hello to the digital era!
Form 2553 Overview
Form 2553 allows small businesses to register as an S corporation instead of a C corporation, potentially resulting in tax savings depending on various factors.
Filing Instructions and Deadline
You must file Form 2553, Election by a Small Business Corporation, to be treated as an S corporation by the IRS. The form can be submitted online through the ElectSCorp website or offline as per the provided instructions. The deadline for filing Form 2553 is within two months and 15 days after the start of the tax year the election takes effect, typically March 15 for many businesses.
Form 8832 Comparison
If you want to transition from a sole proprietorship to a corporation, you should file Form 8832. Solely file Form 2553 if your LLC is seeking S-corp tax status.