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Printable IRS 2553 Form in PDF

The IRS Form 2553 is a crucial document that allows a corporation to elect to be treated as an S corporation for tax purposes. By making this election, businesses can benefit from pass-through taxation, which means that income is reported on the owners' personal tax returns rather than at the corporate level. Understanding the requirements and implications of this form is essential for any business considering this tax status.

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Note: Form 2553 begins on the next page.

Where To File Form 2553 after 6/17/19

If the corporation’s principal business, office,	Use the following address
or agency is located in	or fax number

Connecticut, Delaware, District of Columbia,	Department of the Treasury
Georgia, Illinois, Indiana, Kentucky, Maine,	Internal Revenue Service
Maryland, Massachusetts, Michigan, New	Kansas City, MO 64999
Hampshire, New Jersey, New York, North Carolina,
Ohio, Pennsylvania, Rhode Island, South Carolina,
Tennessee, Vermont, Virginia, West Virginia,	Fax # 855-887-7734
Wisconsin

Alabama, Alaska, Arizona, Arkansas, California,	Department of the Treasury
Colorado, Florida, Hawaii, Idaho, Iowa, Kansas,	Internal Revenue Service
Louisiana, Minnesota, Mississippi, Missouri,	Ogden, UT 84201
Montana, Nebraska, Nevada, New Mexico, North
Dakota, Oklahoma, Oregon, South Dakota, Texas,
Utah, Washington, Wyoming	Fax # 855-214-7520

Form 2553

(Rev. December 2017)

Department of the Treasury Internal Revenue Service

Election by a Small Business Corporation

(Under section 1362 of the Internal Revenue Code)

(Including a late election filed pursuant to Rev. Proc. 2013-30)

▶You can fax this form to the IRS. See separate instructions.

▶Go to www.irs.gov/Form2553 for instructions and the latest information.

OMB No. 1545-0123

Note: This election to be an S corporation can be accepted only if all the tests are met under Who May Elect in the instructions, all shareholders have signed the consent statement, an officer has signed below, and the exact name and address of the corporation (entity) and other required form information have been provided.

Part I		Election Information
		Name (see instructions)	A Employer identification number
Type
Type		Number, street, and room or suite no. If a P.O. box, see instructions.	B Date incorporated
or			B Date incorporated
or
Print
Print		City or town, state or province, country, and ZIP or foreign postal code	C State of incorporation
			C State of incorporation

D	Check	the applicable box(es) if the corporation (entity), after applying for the EIN shown in A above, changed its		name or	address

EElection is to be effective for tax year beginning (month, day, year) (see instructions) . . . . . . ▶

Caution: A corporation (entity) making the election for its first tax year in existence will usually enter the beginning date of a short tax year that begins on a date other than January 1.

FSelected tax year:

(1) Calendar year

(2) Fiscal year ending (month and day) ▶

(3) 52-53-week year ending with reference to the month of December

(4) 52-53-week year ending with reference to the month of ▶

If box (2) or (4) is checked, complete Part II.

GIf more than 100 shareholders are listed for item J (see page 2), check this box if treating members of a family as one shareholder results in no more than 100 shareholders (see test 2 under Who May Elect in the instructions) ▶

HName and title of officer or legal representative whom the IRS may call for more information

Telephone number of officer or legal representative

IIf this S corporation election is being filed late, I declare I had reasonable cause for not filing Form 2553 timely. If this late election is being made by an entity eligible to elect to be treated as a corporation, I declare I also had reasonable cause for not filing an entity classification election timely and the representations listed in Part IV are true. See below for my explanation of the reasons the election or elections were not made on time and a description of my diligent actions to correct the mistake upon its discovery. See instructions.

	Under penalties of perjury, I declare that I have examined this election, including accompanying documents, and, to the best of my
Sign knowledge and belief, the election contains all the relevant facts relating to the election, and such facts are true, correct, and complete.
Here	▲Signature of officer
		Title	Date
For Paperwork Reduction Act Notice, see separate instructions.		Cat. No. 18629R	Form 2553 (Rev. 12-2017)

Form 2553 (Rev. 12-2017)	Page 2
Name	Employer identification number

Part I Election Information (continued) Note: If you need more rows, use additional copies of page 2.

Name and address of each

shareholder or former shareholder required to consent to the election.

(see instructions)

Shareholder’s Consent Statement

Under penalties of perjury, I declare that I consent to the election of the above-named corporation (entity) to be an S corporation under section 1362(a) and that I have examined this consent statement, including accompanying documents, and, to the best of my knowledge and belief, the election contains all the relevant facts relating to the election, and such facts are true, correct, and complete. I understand my consent is binding and may not be withdrawn after the corporation (entity) has made a valid election. If seeking relief for a late filed election, I also declare under penalties of perjury that I have reported my income on all affected returns consistent with the S corporation election for the year for which the election should have been filed (see beginning date entered on line E) and for all subsequent years.

Signature

Date

Stock owned or

percentage of ownership

(see instructions)

Number of
shares or
percentage	Date(s)
of ownership	acquired

M
Social security
number or	N
employer	Shareholder’s
identification	tax year ends
number (see	(month and
instructions)	day)

Form 2553 (Rev. 12-2017)

Form 2553 (Rev. 12-2017)		Page 3
Name		Employer identification number

Part II	Selection of Fiscal Tax Year (see instructions)
Note: All corporations using this part must complete item O and item P, Q, or R.
O Check the applicable box to indicate whether the corporation is:
1.	A new corporation adopting the tax year entered in item F, Part I.
2.	An existing corporation retaining the tax year entered in item F, Part I.
3.	An existing corporation changing to the tax year entered in item F, Part I.

PComplete item P if the corporation is using the automatic approval provisions of Rev. Proc. 2006-46, 2006-45 I.R.B. 859, to request (1) a natural business year (as defined in section 5.07 of Rev. Proc. 2006-46) or (2) a year that satisfies the ownership tax year test (as defined in section 5.08 of Rev. Proc. 2006-46). Check the applicable box below to indicate the representation statement the corporation is making.

1. Natural Business Year ▶

I represent that the corporation is adopting, retaining, or changing to a tax year that qualifies

as its natural business year (as defined in section 5.07 of Rev. Proc. 2006-46) and has attached a statement showing separately for each month the gross receipts for the most recent 47 months. See instructions. I also represent that the corporation is not precluded by section 4.02 of Rev. Proc. 2006-46 from obtaining automatic approval of such adoption, retention, or change in tax year.

2. Ownership Tax Year ▶

I represent that shareholders (as described in section 5.08 of Rev. Proc. 2006-46) holding more

than half of the shares of the stock (as of the first day of the tax year to which the request relates) of the corporation have the same tax year or are concurrently changing to the tax year that the corporation adopts, retains, or changes to per item F, Part I, and that such tax year satisfies the requirement of section 4.01(3) of Rev. Proc. 2006-46. I also represent that the corporation is not precluded by section 4.02 of Rev. Proc. 2006-46 from obtaining automatic approval of such adoption, retention, or change in tax year.

Note: If you do not use item P and the corporation wants a fiscal tax year, complete either item Q or R below. Item Q is used to request a fiscal tax year based on a business purpose and to make a back-up section 444 election. Item R is used to make a regular section 444 election.

QBusiness Purpose—To request a fiscal tax year based on a business purpose, check box Q1. See instructions for details including payment of a user fee. You may also check box Q2 and/or box Q3.

1. Check here ▶ if the fiscal year entered in item F, Part I, is requested under the prior approval provisions of Rev. Proc. 2002-39, 2002-22 I.R.B. 1046. Attach to Form 2553 a statement describing the relevant facts and circumstances and, if applicable, the gross receipts from sales and services necessary to establish a business purpose. See the instructions for details regarding the gross receipts from sales and services. If the IRS proposes to disapprove the requested fiscal year, do you want a conference with the IRS National Office?

Yes

2.Check here ▶ to show that the corporation intends to make a back-up section 444 election in the event the corporation’s business purpose request is not approved by the IRS. See instructions for more information.

3.Check here ▶ to show that the corporation agrees to adopt or change to a tax year ending December 31 if necessary for the IRS to accept this election for S corporation status in the event (1) the corporation’s business purpose request is not approved and the corporation makes a back-up section 444 election, but is ultimately not qualified to make a section 444 election, or (2) the corporation’s business purpose request is not approved and the corporation did not make a back-up section 444 election.

RSection 444 Election—To make a section 444 election, check box R1. You may also check box R2.

1.Check here ▶ to show that the corporation will make, if qualified, a section 444 election to have the fiscal tax year shown in item F, Part I. To make the election, you must complete Form 8716, Election To Have a Tax Year Other Than a Required Tax Year, and either attach it to Form 2553 or file it separately.

2.Check here ▶ to show that the corporation agrees to adopt or change to a tax year ending December 31 if necessary for the IRS to accept this election for S corporation status in the event the corporation is ultimately not qualified to make a section 444 election.

Form 2553 (Rev. 12-2017)

Form 2553 (Rev. 12-2017)	Page 4
Name	Employer identification number

Part III Qualified Subchapter S Trust (QSST) Election Under Section 1361(d)(2)* Note: If you are making more than

one QSST election, use additional copies of page 4.

Income beneficiary’s name and address

Social security number

Trust’s name and address

Employer identification number

Date on which stock of the corporation was transferred to the trust (month, day, year) . . . . . . . . ▶

In order for the trust named above to be a QSST and thus a qualifying shareholder of the S corporation for which this Form 2553 is filed, I hereby make the election under section 1361(d)(2). Under penalties of perjury, I certify that the trust meets the definitional requirements of section 1361(d)(3) and that all other information provided in Part III is true, correct, and complete.

Signature of income beneficiary or signature and title of legal representative or other qualified person making the election

Date

*Use Part III to make the QSST election only if stock of the corporation has been transferred to the trust on or before the date on which the corporation makes its election to be an S corporation. The QSST election must be made and filed separately if stock of the corporation is transferred to the trust after the date on which the corporation makes the S election.

Part IV Late Corporate Classification Election Representations (see instructions)

If a late entity classification election was intended to be effective on the same date that the S corporation election was intended to be effective, relief for a late S corporation election must also include the following representations.

1The requesting entity is an eligible entity as defined in Regulations section 301.7701-3(a);

2The requesting entity intended to be classified as a corporation as of the effective date of the S corporation status;

3The requesting entity fails to qualify as a corporation solely because Form 8832, Entity Classification Election, was not timely filed under Regulations section 301.7701-3(c)(1)(i), or Form 8832 was not deemed to have been filed under Regulations section 301.7701-3(c)(1)(v)(C);

4The requesting entity fails to qualify as an S corporation on the effective date of the S corporation status solely because the S corporation election was not timely filed pursuant to section 1362(b); and

5a The requesting entity timely filed all required federal tax returns and information returns consistent with its requested classification as an S corporation for all of the years the entity intended to be an S corporation and no inconsistent tax or information returns have been filed by or with respect to the entity during any of the tax years, or

bThe requesting entity has not filed a federal tax or information return for the first year in which the election was intended to be effective because the due date has not passed for that year’s federal tax or information return.

Form 2553 (Rev. 12-2017)

Documents used along the form

The IRS Form 2553 is used by small businesses to elect S corporation status. When filing this form, there are several other documents that may also be necessary to ensure compliance with tax regulations. Below is a list of commonly used forms and documents that accompany the IRS 2553.

Form 1120S: This is the U.S. Income Tax Return for an S Corporation. It reports the income, deductions, gains, and losses of the S corporation. This form must be filed annually to report the corporation's financial activities.
Form 941: This form is used to report employment taxes. Employers must file it quarterly to report income taxes, Social Security tax, and Medicare tax withheld from employee paychecks.
Form SS-4: This form is the Application for Employer Identification Number (EIN). An EIN is necessary for tax purposes and is required for businesses with employees or that operate as a corporation or partnership.
Trailer Bill of Sale: When transferring ownership of a trailer, it's crucial to complete the Trailer Bill of Sale form to ensure all transaction details are documented properly.
State S Corporation Election Form: Many states have their own forms for S corporation elections. These forms may vary by state and are necessary to ensure that the corporation is recognized as an S corporation at the state level.

These documents play a crucial role in the overall tax compliance process for S corporations. Properly completing and submitting them can help avoid potential issues with the IRS and state tax authorities.

Similar forms

The IRS Form 2553 is used by small businesses to elect S corporation status. This form has similarities with several other documents related to business formation and taxation. Here are five documents that share similar purposes or functions:

IRS Form 1065: This form is used by partnerships to report income, deductions, gains, and losses. Like Form 2553, it helps determine how the business is taxed and provides essential information to the IRS.
IRS Form 1120: Corporations use this form to report their income and pay corporate taxes. Both Form 1120 and Form 2553 relate to corporate taxation, but while Form 1120 is for C corporations, Form 2553 is specifically for electing S corporation status.
IRS Form 8832: This form allows businesses to choose how they want to be classified for federal tax purposes. Similar to Form 2553, it provides a way for entities to elect a specific tax status, affecting how they are taxed.
Missouri Articles of Incorporation: The Articles of Incorporation document is essential for establishing a corporation in Missouri, similar to how other forms facilitate tax decisions and corporate classifications, making it a key component in the business setup process.
State S Corporation Election Forms: Many states have their own forms for electing S corporation status at the state level. These forms often mirror the IRS Form 2553 in purpose, as they also determine how the business will be taxed within the state.
Articles of Incorporation: This document is filed to create a corporation. While it does not deal directly with tax status, it lays the groundwork for the business structure, which is essential when filing Form 2553 to elect S corporation status.

Misconceptions

The IRS Form 2553 is an important document for small business owners looking to elect S Corporation status. However, several misconceptions can lead to confusion and potential issues. Here are four common misconceptions about the IRS 2553 form:

Misconception 1: The IRS Form 2553 is only for corporations.

This is incorrect. While Form 2553 is primarily used by corporations to elect S Corporation status, certain limited liability companies (LLCs) can also use this form. An LLC that meets specific criteria can elect to be treated as an S Corporation for tax purposes.

Misconception 2: Filing Form 2553 is optional for all businesses.

This is misleading. For businesses that want the tax benefits of S Corporation status, filing Form 2553 is essential. Without this election, the business will be taxed as a standard corporation, which may not be advantageous.

Misconception 3: There is no deadline for submitting Form 2553.

This misconception can have serious consequences. The IRS requires that Form 2553 be filed within 75 days of the beginning of the tax year for which the election is to take effect. Missing this deadline can result in the business being ineligible for S Corporation status for that year.

Misconception 4: All shareholders must be U.S. citizens to file Form 2553.

This is partially true. While most S Corporations must have shareholders who are U.S. citizens or residents, there are exceptions. Certain trusts and estates can also be shareholders, which allows for more flexibility in ownership.

Understanding IRS 2553

What is IRS Form 2553?

IRS Form 2553 is a document used by small businesses to elect to be taxed as an S corporation. This election allows the business to avoid double taxation, where both the corporation and its shareholders are taxed on the same income. By filing this form, a business can pass its income, losses, deductions, and credits directly to its shareholders, who then report this information on their personal tax returns.
Who is eligible to file Form 2553?

To qualify for S corporation status, a business must meet several requirements. It must be a domestic corporation, have no more than 100 shareholders, and have only allowable shareholders, which include individuals, certain trusts, and estates. Additionally, the corporation can only have one class of stock and cannot be an ineligible corporation, such as certain financial institutions or insurance companies.
When should Form 2553 be filed?

Form 2553 should be filed within two months and 15 days of the beginning of the tax year when the S corporation election is to take effect. For new corporations, this means filing the form shortly after incorporation. Existing corporations wishing to change their tax status must also adhere to this timeline to ensure the election is effective for the desired tax year.
How does one complete Form 2553?

Completing Form 2553 requires providing basic information about the corporation, including its name, address, and Employer Identification Number (EIN). Shareholder information must also be included, such as names, addresses, and the number of shares owned. The form must be signed by all shareholders who own stock at the time of filing. Detailed instructions accompany the form to assist in the completion process.
What happens if Form 2553 is filed late?

If Form 2553 is filed late, the corporation may still qualify for S corporation status under certain circumstances. The IRS allows for late elections if the corporation can demonstrate reasonable cause for the delay. This typically involves submitting a statement explaining the circumstances surrounding the late filing along with the completed Form 2553.
Can Form 2553 be revoked?

Yes, a corporation can revoke its S corporation status by filing a statement with the IRS. This revocation can occur voluntarily by the shareholders or automatically if the corporation fails to meet the eligibility requirements. The revocation becomes effective on the date specified in the statement, or if no date is specified, it is effective for the tax year in which it is filed.
What are the tax benefits of filing Form 2553?

By electing S corporation status, businesses can benefit from pass-through taxation, which means that income is only taxed at the shareholder level, avoiding corporate tax. This structure can lead to significant tax savings, particularly for small businesses. Additionally, S corporations may provide shareholders with the opportunity to save on self-employment taxes, as only salaries are subject to these taxes, while distributions are not.
Where can I find Form 2553?

Form 2553 can be obtained directly from the IRS website. The form is available for download as a PDF. Additionally, the IRS provides instructions for completing the form, which can be very helpful in ensuring that all necessary information is included and that the form is filed correctly.