Form 2553 – Election by a Small Business Corporation isn’t a common tax form used by corporations often. In fact, the use of Form 2553 mostly happens once in the lifetime of a corporation.
If a corporation or other eligible entity to be treated as a corporation files this form under Section 1362(a) to be an S corporation. One thing to know before proceeding is that the small business corporation will be considered as an S corporation starting from the day of the election.
Election Requirements – 2553
The Internal Revenue Service is very clear about whom makes elections and when the elections are made if eligible. The instructions to file this tax form can be treated as a guidebook rather than instructions to file line-by-line.
Surely, you will get the explanation of each part of the form but knowing exactly what the form stands for and the purpose of it will help get out of troubles. Generally, it doesn’t take long to file Form 2553 as long as the information about what needs to be entered on the form is known.
The structure of Form 2553 instructions is as follows.
- Who may elect
- When to make the election
- Relief for late elections
- Relief for a late S corporation election filed by a corporation
- Relief for a late S corporation election filed by an entity eligible to elect to be treated as a corporation
The same as any other instructions, the IRS released the Form 2553 instructions to file in two different formats. You can either get the PDF version of the instructions or view it online. Get the IRS Form 2553 instructions to file online.
The online version of Form 2553 instructions is a lot simpler for taxpayers but you can also download the instructions to file as PDF.
Click to get Form 2553 Instructions to print out paper copies.