Steps to Complete 2553 IRS Form
Organizations that elect to be taxed under the S Subchapter of Chapter 1 of the Internal Revenue Code have to prepare 2553 Form, Election by a Small Business Corporation. In this way, S corporations’ income and losses pass through to the shareholder owners and are taxed on their individual income tax returns.
Visit our website to get editable and printable blanks to fill out IRS 2553 form in a matter of minutes. Sign the document electronically by typing, drawing or uploading your signature from any internet-connected device. Download the completed 2553 Form in the PDF format to your device and forward to the recipient via email, fax or sms. Stay focused on your primary tasks by exploring how to create the document online.
Read carefully the instruction given below and provide only truthful and complete information.
- In Part 1 provide the identifying data, i.e. the name and address of your business, employer identification number, date and state of incorporation.
- In Box E write the effective date of the election.
- Choose your tax year in Box F.
- In case you have 100 shareholders and aggregating family members indicate this in Box G.
- Specify the name, title and phone number of a contract representative in Boxes H and I.
- Sign and date the document on page 1.
- The second page is intended for the shareholder election information. Provide names, addresses, social security numbers, ownership percentage and end of the taxpayer’s year for each shareholder.
- Part II and III on page 3 are optional. Learn whether you need to deal with this sections.
Once the 2553 Form is completed, send it to the recipient. If necessary, print out the blank and fill it out by hand to bring personally.
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Video instructions and help with filling out and completing Form Steps to Complete 2553 IRS
Hi I'm Betty hock Berger CPA in Hollywood Florida and today I'm going to walk you through preparing the form two five five three to make the S corp election so this is the IRS form two five five three election by a small business corporation otherwise known as an S corp there's a couple of pages to this form but you're really only going to look at the first two pages most likely so let's scroll back up to the top so here you've got the name and this should be the business name that you registered with both your state and with the IRS so I'm just going to make up this information for argument's sake here ABC corporation and Inc and you should have also gotten an identification number as part of setting up your business and again I'm going to make this number up and all this needs to match so it needs to match the state information it needs to match the IRS and federal information otherwise you're going to have problem paperwork problems when you submit this and the date incorporated again this is going to match your state information your state okay now if you want to change the name or address you can click these boxes but for now we're just going to use information and say that it matches what we already filed so this is this is where you're going to pick the effective date and there are some rules as to when you are going to have your s selection go in in place generally it's either going to be the date that you started business if it's a brand-new business or it's going to be the beginning of the next year so if you are in your second third or fourth year business and you say hey now is the time that I want to become an S corporation you would do next year's January one date I'm going to say that I actually I'm just starting this year so I'm going to say it's as of my date of incorporation generally you're going to have a calendar year for most people watching this there are other year ends you can have but for most companies it's a calendar year so you can kind of ignore box two three or four and another in the previous video I said that you can't have more than 100 shareholders so here you go this is your warning and who is the IRS able to call it you can have this be yourself if you're the owner you can have this be or CPA it could be your lawyer I've put my name down for some of my clients and I've never actually gotten contacted by the IRS about it so we're just going to make up a name and a phone number just for argument's sake now this next part for late election if you're filing this after the