Fill out 2553 (Election by a Small Business Corporation) online
Form 2553 is filed by a corporation or eligible entity to elect S corporation status under Section 1362(a) of the Internal Revenue Code. This election allows the corporation to pass income, losses, deductions, and credits through to shareholders, avoiding double taxation.
How to fill out 2553 (Election by a Small Business Corporation)
Enter corporation information
Fill in the corporation name, address, EIN, date incorporated, state of incorporation, and the tax year for which the election is effective.
Select the tax year
Check the appropriate box for the tax year: calendar year, fiscal year ending a specific month, 52-53 week year, or a year requested under Section 444.
Obtain shareholder consent
Each shareholder must sign the consent section, providing their name, address, SSN or EIN, number of shares owned, date(s) acquired, and tax year end.
Complete late election relief (if applicable)
If filing after the deadline, complete the late election relief statement explaining reasonable cause for the delay. The IRS may grant relief under Revenue Procedure 2013-30.
About 2553 (Election by a Small Business Corporation)
Who needs this form
A domestic corporation that wants to be treated as an S corporation for federal tax purposes. The corporation must meet all eligibility requirements: no more than 100 shareholders, only allowable shareholders (individuals, certain trusts, estates), one class of stock, and be a domestic corporation.
Where to submit
File with the IRS no later than 2 months and 15 days after the beginning of the tax year the election is to take effect. For a new corporation, file within 2 months and 15 days of the date of incorporation.
Source and content freshness
- Reviewed: 2026-02-16
- Check the latest official form instructions for the filing year that applies to you.
- Filing deadlines may shift for weekends and holidays. Verify due dates with official instructions.
Common mistakes to avoid
- Missing the filing deadline (must be filed within 2 months and 15 days of the tax year start)
- Not getting all shareholders to consent and sign the form
- Filing for an ineligible entity (too many shareholders, wrong shareholder type)
- Selecting an incorrect tax year end
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When should I file Form 2553?
File no later than 2 months and 15 days after the start of the tax year you want the S election to take effect. For a calendar-year corporation, this means filing by March 15. For a newly formed corporation, file within 2 months and 15 days of incorporation. If you miss the deadline, you may request late election relief. Once approved, the S corporation files Form 1120-S annually.
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