IRS Form 2553: Election by a Small Business Corporation
Form 2553 is how a corporation or eligible entity elects to be taxed as an S corporation. All shareholders must consent on the form. Timing rules apply, and the IRS page and instructions explain when to file it and what to do if it was filed late.
What this form is for
It makes the S corporation election so income and losses pass through to shareholders, who report them on their own returns.
When people usually use it
Business owners file it after forming a corporation or LLC that wants S corporation tax treatment. It comes up again if the IRS writes about an election it did not accept.
What to have ready
- The business EIN and formation date
- Each shareholder's name, ownership and signature
- The tax year the election should start
Related forms
- Form 1120-S: U.S. Income Tax Return for an S Corporation
- Form SS-4: Application for Employer Identification Number (EIN)
- Form 8822-B: Change of Address or Responsible Party - Business
Read the IRS page
IRS.gov page for Form 2553 (opens in a new tab). The IRS page is the final word on this form.
Frequently asked questions
What is IRS Form 2553?
Form 2553 is how a corporation or eligible entity elects to be taxed as an S corporation. All shareholders must consent on the form. Timing rules apply, and the IRS page and instructions explain when to file it and what to do if it was filed late.
Where do I get Form 2553?
Use the official IRS page, https://www.irs.gov/forms-pubs/about-form-2553. Copies from other sites may be out of date, and the IRS page is the final word.
Do I need to file Form 2553?
There is no single answer. Check the IRS page for Form 2553 and any letter that asked about it. For advice on your case, talk with a tax professional.
What should I have ready for Form 2553?
Most people start with: the business ein and formation date; each shareholder's name, ownership and signature; the tax year the election should start. The instructions on IRS.gov list everything the form asks for.
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