About Form 2553, Election by a Small Business Corporation | Internal Revenue Service
Summary: Form 2553 is the official IRS document used by eligible corporations or entities to elect S corporation status under section 1362(a) of the Internal Revenue Code.
Form 2553, Election by a Small Business Corporation, is a mandatory filing for entities seeking to be taxed as an S corporation. The form requires detailed information about the entity, including its employer identification number, date of incorporation, and shareholder consent. It also includes sections for selecting a fiscal tax year, making Qualified Subchapter S Trust (QSST) elections, and providing representations for late entity classification elections. This specific revision (December 2017) is a fillable PDF document.
Document outline
1. Part I: Election Information (Entity details, effective date, shareholder information, and officer signature) 2. Part II: Selection of Fiscal Tax Year (Requirements for new, existing, or changing corporations) 3. Part III: Qualified Subchapter S Trust (QSST) Election (Section 1361(d)(2) requirements) 4. Part IV: Late Corporate Classification Election Representations (Relief provisions for late filings)