Regulatory Mandate Analysis
Official IRS Election by a Small Business Corporation (S Corp Election). Required for corporations that wish to be taxed as S corporations under Subchapter S of the Internal Revenue Code. Must be filed timely to take effect for the intended tax year.
Execution Architecture Steps
IRS Form 2553 – S Corporation Election Guide
Form 2553 is used by qualifying small business corporations to make an election under section 1362(a) of the Internal Revenue Code to be taxed as an S corporation.
Eligibility Requirements
- The corporation must be a domestic corporation or entity eligible to elect to be treated as a corporation.
- Must have 100 or fewer shareholders, all of whom must be U.S. citizens or residents.
- Shareholders must consent by signing the form.
Filing Deadline
The election must be filed no later than 2 months and 15 days after the beginning of the tax year for which it is to take effect.
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