How Do I Fill Out a F2553? S-Corporation Election: Form 2553

Overview of Form 2553

Form 2553 enables S-corporation election, notifying the IRS you want to be taxed as an S-corporation. This tax status may reduce taxable income. After review, the IRS will confirm or deny the request, which can save small business taxes. The form is due two and a half months after the tax year when the election is intended to take effect.

Filing Process

Filling out Form 2553 involves:

  • Provide general information
  • Insert required election data like shareholders’ names and addresses
  • Define the tax year and tax payment options
  • Consent statements and signatures

The IRS typically responds within 90 days; however, approval may take longer if you don’t use the calendar tax year.

Costs and Specific Items

Does it cost money to file form 2553?

What is the item E on form 2553?

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