How to Fill out IRS Form 2553: Easy-to-Follow Instructions

[@josephdiaz1705]

thank you for the video , I am posting this to give some clarification on section E AND F as I had to go to other sources for clearer explanations and it may help someone here : Brief research on filing dates : “What’s the deadline for filing Form 2553? The deadline to elect S-Corporation tax treatment depends on whether your business is newly incorporated or is in its second (or later) tax year. For a New Business A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year. Example: Your articles of formation was filed on August 21st. Two months later is counted to the numerically corresponding day of October 21st. Add 15 days to get November 5th. Your S-Corp election must be filed by November 5th to take effect in your first tax year." disclaimer : I am not an expert , do your own homework as well

[@taden2007]

thank u for this, i was somewhat confused. So new business u have 75 days to file for s-corp... if it was a pre-existing llc.. u have to file within 75 days of new tax year.

[@fortifiedgaze8688]

This definitely helped me. Tysm!

[@olivernavarro9748]

So if I formed my LLC in May of last year, what would be my excuse? To forming the s corp. My business never actually earned income. The LLC is active tho. Any input? Thank you

[@TheTLSMD23]

This was amazing. Thank you for your clear and concise information. This takes a weight off of us busy folk who are still working full time and trying to start a business at the same time!!!

[@noskillnochill]

These videos have helped me so much, thank you for empowering self-employed and small businesses!

[@Aboriginal_Alien]

Thanks for this great video. I’ve watched a lot of youtube videos on filling out this form and your is the best! But there is one detail no one seems to address and that is in the first line, under “Name”. Most people filling out this form may have a home business where their personal address is the same as the business address. If this is the case the instruction ask you to do something different. The instruction sheet says the following; “Name and Address Enter the corporation's true name as stated in the corporate charter or other legal document creating it. If the corporation's mailing address is the same as someone else's, such as a shareholder's, enter "C/O" and this person's name following the name of the corporation. Include the suite, room, or other unit number after the street address. If the Post Office doesn’t deliver to the street address and the corporation has a P.O. box, show the box number instead of the street address. If the corporation changed its name or address after applying for its employer identification number, be sure to check the box in item D of Part I.” I interpret this to mean that on the line labeled “Name” you should have put ABC Bakery LLC C/O Personal Name if the member lives at the same address as his/her business. Do you agree or am I missing something? Thanks :)

[@candid.303]

I’m appalled at how much my accountant tried to charge me for this.

[@jorgecass8074]

Thank you so much you helped me fill mine out for my company! Thank you I’m just starting a One person LLC

[@FunderaLedger]

Your welcome! Good luck with your business :)

[@OiVinn-eq1ml]

This was very helpful! I was stuck starring at the screen rereading the form trying to figure it out. Thank you!

[@carlohrndz3948]

Thank you so much, you just saved me $395 that my accountant wanted to greedy charged me for this simple form. Wishing you all the best for this holidays!

[@obinnaorji114]

thank you...it seems intuitive that people should make clear and concise videos, but that is not always the case. thanks again.

[@scottluebke5012]

You are a legend. Just got my incorporation paperwork and it said I need to do this.

[@christyleadersrealty8327]

This is the best instruction out here on KZbin

[@sugarkanesugaringspallcsug9879]

Thanks for this video. It was a prayer answered. I've been trying to get my S-Corp since 2021 but they kept sending me the forms back without a true understanding so this video broke it down for me and sent the forms off today and THEY WERE CORRECT! Thanks!

[@GetHelpTax]

Good luck with the business!

[@habitathairsalon2099]

Very Helpful, watched through twice to make sure I got it right. Thanks so so much!

[@Gadonekoko]

Amazing explanation and clearly state everything. Thanks

[@drkatrinapt]

THANK YOU FOR THIS VIDEO! This is so helpful! The instructions on the IRS website are so hard to understand. This was very easy to digest and I'm so glad you have this video!!

[@GetHelpTax]

That's true. The IRS instructions aren't always that easy to follow. Good luck with your business.

[@TheHolisticCollectivelyCoTV]

Thanks so much for this information! ❤

[@rafaelparedes1937]

Thank you for making this video! still relevant to 2022

[@LP-pj6rz]

Very clear and easy to follow. Thank you for the video!

[@imblessedllc]

Thank you for the good content

[@lizlaverde2658]

Thank you very much. God bless you. It was easy. This is the first time with my own businesses. I still get confused which one is the difference with LLC?

[@killerswitch29]

Thank you so much for such a well and detailed explanation, thanks to you I had no problems filling out my form, you are awesome! :)

[@FunderaLedger]

Glad we could be of service :)

[@marketbuy]

Thank you! You have a beautiful voice. Please keep it up! 😁

[@klehmbrandon]

great video thanks so much!

[@ddkfavorites]

Thank you for this helpful and to-the-point explanation!

[@EthnosSynergyEnergy]

This is excellent!

[@Social_Brat]

Thank You Very much!

[@AndreaJean]

Thank you soooo much!

[@oliviatooley7211]

Thank you. This was helpful, clear instruction.

[@chancyburton9227]

Amazing! Thank you so much! This video answered all of my questions!

[@audreymitchell836]

thank you very much.

[@peterkubilus5972]

Thank you for clarifying up part 2!

[@rizzoj9399]

The steps to change from an LLC to s-corp is to fill out this form. After I fill out the form, I would send it to the correct IRS (mines in UT since I live in AZ)? Then they'll send a letter confirming or denying? That's a simple process. Most CPA's are charing 200+ for this

[@nchanda7352]

if the business is incorporated on Jan, 5, 2018 (mine is May 4, 2022), and if they want to s corp election for 2018, what should be specified as the date in section E?

[@Bear-ow9gy]

Thank you.

[@sladanstamenkovic9134]

You are amazing!!!! Indeed!!!!

[@malbarda]

Very much appreciate the clarity and step-by-step!

[@artmcdonald699]

Thank You!!!

[@vintagegarden93]

What is the additional paperwork that we may have to file from the state? “You mentioned at the end”

[@PhuongPham-uh9kp]

Thank you so so much for this helpful, clear and detailed information!

[@downtownbluescoffeeliveshows]

Perfect!

[@ryanoliver5269]

Thank you!!!!!!!!!!!!!

[@amymallett4708]

This was SO helpful! I was so lost! Thank you so very much!!

[@percyastronautstatus.8780]

Pleasant voice ... beautiful

[@letsgoviral777]

Thank you!!!

[@GrahamBrook]

Ok thanks

[@Youdig101]

THANK YOU

[@GrahamBrook]

Yes please

[@shoshanastaschover5196]

thank you!

[@kebychattha405]

Thanks a lot for this video service

[@jonplay3602]

Thank you. Exactly how these video should be no intro music playing or sad attempt at being funny or entertaining. Just the information that I clicked on the video for. Lots of KZbinrs could learn from you

[@alejandrogarcia7465]

Thank you for the explanation! Very clear and detailed.

[@inezskinner5172]

Thank you for this! Helpful and simple!

[@JohnSmith-wu6yx]

Hey thank you so much for your amazing video. Love it. Question: My business was formed in June of 2020 and we go by a calendar year, so what date would I put as the effective date for section "E" ? I'm confused about that.

[@accountisdisabled]

Same.

[@brittney9019]

You’d put June x, 2020 (x would be the exact date you started).

[@josephdiaz1705]

@@brittney9019 thank you for taking the time to reply to this - it was very helpful

[@sesiyi]

It was a very detailed and well explained video. Thank you!

[@n.beasley8491]

Awesome video! Easy to follow and your delivery was awesome. Thanks for sharing.

[@121Kathmandu]

Simple explanation, was great help. thank you.

[@FunderaLedger]

Glad you found it usefu; :)

[@Franckystudios]

Thanks. I really appreciate the step by step guide and explanation on each sections.

[@FunderaLedger]

Your welcome :) Stay tuned for more videos

[@nancysousa7920]

This was helpful if I wanted to go to an S-corp I need to know if I change to from an S corp to a C corp?

[@nj2024ac]

This was very helpful. Thank you.

[@rpatel8978]

Hi, Good informational video. I have already formed a corporation so came across your video to file for s corp election. This is the confusion I have. In the state of NY, corporations are required to have a registered agent so when I am filling out form 2553 do I fill in the registered agent's address in the address block or do i fill in my (the incorporator) address on this form? Thanks for your assistance.

[@demetriahayes5249]

THANK YOU! The information was helpful.

[@adextaxfinancialservices4510]

Very Insightful!

[@Tkmexpressllc]

Great explanation!!

[@Brian_Chui]

Hi! If I only have myself as a member, do I need to fill out "K" to say I am the only persons that owns 100%? Or I should just leave it blank and consider it to be understood? Thank you for such a clear video!!

[@dimitarbachev]

Thank you for the video, was amazing. 🤗

[@hyegw]

So very helpful. Thanks for taking time to do this.

[@FunderaLedger]

Of course! Glad we could be of assistance :)

[@eduardoamezcuaea7919]

Great video, thanks for sharing your knowledge

[@isaacbulbulia1892]

Thank you so much you made it so simple

[@FunderaLedger]

You're welcome!

[@dross0123]

In regards to filing in a community property state, does the other spouse still have to sign as a consenting spouse in Part 1 Section J-N even if only one spouse is listed as the sole member of the SMLLC?

[@RB-mp2gs]

Extremely detail tutorial - Nice job and Thank you!

[@sunsetstringsmusic]

Thanks for the video, this was very helpful!

[@GetHelpTax]

Good luck with your business!

[@ALMBusinessInstitute]

THANK YOU .... This was extremely helpful

[@steveberneker9721]

On part 2 and part 3... You did not instruct us to fill out the the business name and EIN at the top of those pages, but you did on part 1. Even though we may not be using part 2 or 3, do we place our business name and EIN at the tops of those parts??? Just asking because you know the IRS gets picking with HOW their forms are filled out! PLEASE AND THANK YOU!

[@GetHelpTax]

It's a good idea to put the business name and EIN on each page.

[@chelceysmith7663]

So helpful! I am not sure on line G if it's just myself as a shareholder do I check the box?

[@cimberlydavis8792]

Thank you for this well put together video. What happens if you are filling this after the March date that you mentioned? Is there a penalty? Do you not recommend that? Should I wait to have it take affect for 2024 instead of trying to have it take effect as of 1/1/23?

[@ochicoloto3524]

Very very informative. Who has to sign page 1? Instructions say president, treasurer, vice president etc. Do they mean president of your company? What if it is a one man LLC?

[@GetHelpTax]

A one-man LLC that elects to be treated as a S-corp is a sole shareholder corporation.

[@crunkflawdachick]

This was great! So easy to follow!

[@KathleenJasperEdD]

So helpful. Thank you so much.

[@morphfitness3172]

Thank you that was very helpful

[@tonytootallward4354]

Very helpful. Thank you .

[@mandkhaiulzii985]

Thank you so much! Very good explanation!

[@syzygy4365]

I'm still very lost on this topic. I figured this is the best course because owners had invested their own capital into the business in hopes for profit. This business ownership is not for the weak. 😅

[@GetHelpTax]

The many rules and requirements of tax law is a learning process for many new business owners.

[@HannahBarefoot1]

So helpful, thank you!

[@ElisaVietri]

Thank you so much! Much appreciated!

[@kellyjohill5159]

Hello Priyanka. Wonderful video! Thank you for the step-by-step advice.

[@FunderaLedger]

Of course! We appreciate your kind words :)

[@lelandg9965]

Question, if Chris Corporation leaves the company and agree to sell the 40% to Betty, does Betty business need to file a new form 2553 for 100% ownership?

[@xaviergomez2175]

Awesome video!

[@itsyourworldtoday]

Thanks so much paperwork

[@ShiviceBrown]

Can you as the Ceo be its own shareholder ? and still get approved to be S corporation?

[@binitpatel]

What should go in E date if you are in process of buying the business (may be in a month or so might be the start date of business) Basically we do not have the start date/month. What date should go in E and what would be for F(1) / F(2)?

[@polarbearjar1812]

Hey if I got my LLC in Iowa but live alabama do I see put Iowa in section c

[@Rodriguezadam360]

can I have myself and my wife as a shareholder if i registered the llc as a sole mbr?

[@coopsexperience2577]

Thank you so much!

[@christinasheets8140]

So helpful! Thanks

[@tthebigemp]

Super helpful! Thank you for this!! 💜✨

[@marufrasulov2077]

Thank you so much for the detailed explanations. It was so helpful. Could you please teach us how to fill out the 1120 S form for beginner S corp company owners, like me? Also, could you please tell me when should I fill it out and send it to the IRS after I opened my s corp? Thank you very much in advance!

[@Essays4College]

Tax returns are complicated especially for businesses. Why don’t you hire an accountant to do it for you?

[@candicebien6690]

Hi can you guys any direction on how to actually file? How do I fax it, what should the cover letter say? I filled out the form which watching this video, thank you!

[@advantagelearningacademy3802]

So helpful and easy to understand!

[@FunderaLedger]

Thanks for the kind words!

[@BrendanOHara617]

So helpful, thank you!!!! Great video!

[@holisticrelationshipcoach]

It's my understanding that if you do not identify a trust and beneficiary that the IRS can de-qualify your S-corp and charge you back taxes. Why is it that you are saying that Section III is optional?

[@NeysaSimangunsong]

Does anyone know how to start filing a corporate car?