IRS S Corp Election Form 2553
Elect S Corporation status for your C Corporation or LLC.
In order to enjoy the best-possible tax savings for your business, you need to have the right tax classification. Many c corporations and LLCs elect to file for s corporation status because of the advantages this classification provides their businesses, including:
- Pass-through taxation (the company's tax obligation is passed along to shareholders)
- Once-a-year tax filing requirement (vs. quarterly for a C Corporation)
In order to elect an s corporation status, companies must file the IRS S Corp Form 2553, "Election By a Small Business Corporation." Timing is critical with Form 2553. The s corp election deadline dictates that it must be filed within 75 days of your c corporation or LLC's anniversary of formation, or within 75 days of a new year. If you have questions about a potentially late s corp election, please speak with a representative from The Company Corporation who may be able to help you.
Companies often find it worthwhile to file Form 2553 for the thousands of dollars in potential tax savings an S Corporation status can provide their C Corporation or LLC.
Double Taxation Explained: Watch our Video
The Company Corporation can help with your S Corporation Election
When electing s corp status, The Company Corporation can help your company prepare the forms necessary for your company to file. Simply enroll in our services related to Form 2553 filing and get:
- A 30-minute tax consultation with a Certified Public Accountant, who will help you determine if an S Corporation filing is right for you
- Assistance completing Form 2553
- Detailed instructions for faxing or mailing the form to the IRS
- Answers for your other tax-related questions
A special note for LLCs: If the CPA determines during your consultation that your LLC would receive a greater tax benefit from a C Corporation tax classification, we'll provide you with assistance in completing a Form 8832 and detailed instructions for submitting it to the IRS.
Find out more about business tax classifications by visiting our Frequently Asked Questions section.