Form 2553

Form 2553 is a tax form that a corporation can file to elect taxation as an S corporation. Form 2553 provides the IRS with information to continue the process of transforming a corporation to an S corporation. The form also provides documentation of the effective date of the S corporation election, removing the need to file other tax classification forms (such as Form 8832.)

What Information Is Needed to Fill Out Form 2553?

Before filling out Form 2553, a corporation needs to gather the following tools and pieces of information:

• A fax machine or digital scanner with fax capability (Form 2553 must be faxed to one of two Internal Revenue Service offices, based on the corporation’s home state)
• The corporation’s name and address
• The corporation’s Employer Identification Number
• The corporation’s incorporation date and state of incorporation
• The effective date the corporation desires for its new S corporation status
• Contact information for an officer or legal representative who will serve as a contact point with the IRS
• If Form 2553 is being filed late, an explanation of the circumstances that caused it to be filed late
  • Acceptable justification examples for late filing can be found in the official IRS instructions for Form 2553
• Signatures from all shareholders

When Do Corporations Need to Fill Out Form 2553?

Corporations should complete and file Form 2553 no more than two months and 15 days after the beginning of the tax year the election is to take effect. Corporations can also decide to make the S corp election at any time during the tax year preceding the tax year it is to take effect.