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

Learn exactly how to fill out IRS Form 2553. Businesses must file Form 2553 with the IRS to elect to be taxed as an S-corporation. The form is due no later than two months and 15 days after the beginning of the tax year in which the election takes effect. After electing S-corp status, the company is taxed as a pass-through entity, so the business’s income and losses are reflected on the owners’ personal tax returns. For more, check out our full guide: bit.ly/2Z0RPXx
Our video covers:
Part 1: Election information (1:08)
Part 2: Selection of fiscal tax year (7:36)
Part 3: Qualified subchapter S trust (8:13)
Part 4: Late corporate classification election representatives (8:55)
Fill out IRS Form 2553 via LegalZoom: bit.ly/2XICzBh
In this video, we provide a basic overview of filling out IRS Form 2553. This video is not intended to provide legal advice or to form a professional relationship. We suggest contacting a business lawyer for advice specific to your circumstances.
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[@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

[@ddkfavorites]

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

[@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!!!

[@LP-pj6rz]

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

[@noskillnochill]

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

[@n.beasley8491]

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

[@chancyburton9227]

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

[@RB-mp2gs]

Extremely detail tutorial - Nice job and Thank you!

[@Loantt83]

Thank you so much for the detailed explanation ! I appreciate it so much !

[@sesiyi]

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

[@amymallett4708]

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

[@AndreaJean]

Thank you soooo much!

[@habitathairsalon2099]

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

[@malbarda]

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

[@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!

[@yt03240]

This video was super helpful! Thank you so much!

[@alejandrogarcia7465]

Thank you for the explanation! Very clear and detailed.

[@crunkflawdachick]

This was great! So easy to follow!

[@PhuongPham-uh9kp]

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

[@aaronhilljr-realtor8241]

Awesome info! Thank you very much!

[@mandkhaiulzii985]

Thank you so much! Very good explanation!

[@dimitarbachev]

Thank you for the video, was amazing. 🤗

[@inezskinner5172]

Thank you for this! Helpful and simple!

[@demetriahayes5249]

THANK YOU! The information was helpful.

[@ElisaVietri]

Thank you so much! Much appreciated!

[@BrendanOHara617]

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

[@eduardoamezcuaea7919]

Great video, thanks for sharing your knowledge

[@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.

[@ALMBusinessInstitute]

THANK YOU .... This was extremely helpful

[@scottluebke5012]

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

[@Gadonekoko]

Amazing explanation and clearly state everything. Thanks

[@obinnaorji114]

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

[@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!

[@klehmbrandon]

great video thanks so much!

[@peterkubilus5972]

Thank you for clarifying up part 2!

[@TheHolisticCollectivelyCoTV]

Thanks so much for this information! ❤

[@christyleadersrealty8327]

This is the best instruction out here on KZbin

[@nj2024ac]

This was very helpful. Thank you.

[@imblessedllc]

Thank you for the good content

[@tthebigemp]

Super helpful! Thank you for this!! 💜✨

[@Franckystudios]

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

[@FunderaLedger]

Your welcome :) Stay tuned for more videos

[@KathleenJasperEdD]

So helpful. Thank you so much.

[@oliviatooley7211]

Thank you. This was helpful, clear instruction.

[@gibbergrey]

Your great. Thank you!

[@candid.303]

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

[@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 :)

[@rafaelparedes1937]

Thank you for making this video! still relevant to 2022

[@Tkmexpressllc]

Great explanation!!

[@kellyjohill5159]

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

[@FunderaLedger]

Of course! We appreciate your kind words :)

[@hyegw]

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

[@FunderaLedger]

Of course! Glad we could be of assistance :)

[@morphfitness3172]

Thank you that was very helpful

[@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!

[@121Kathmandu]

Simple explanation, was great help. thank you.

[@FunderaLedger]

Glad you found it usefu; :)

[@kebychattha405]

Thanks a lot for this video service

[@tonytootallward4354]

Very helpful. Thank you .

[@1907Syndicate]

Thank you so much, do you have videos regarding the two additional forms you mentioned toward the end of the video?

[@EthnosSynergyEnergy]

This is excellent!

[@Social_Brat]

Thank You Very much!

[@xaviergomez2175]

Awesome video!

[@letsgoviral777]

Thank you!!!

[@CeliaEllis]

Very helpful, thank you!

[@adextaxfinancialservices4510]

Very Insightful!

[@artmcdonald699]

Thank You!!!

[@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?

[@christinasheets8140]

So helpful! Thanks

[@BeeJacksonOfficial]

Thank you so much!

[@HannahBarefoot1]

So helpful, thank you!

[@nafizelgun8123]

THANK YOU !!!

[@advantagelearningacademy3802]

So helpful and easy to understand!

[@FunderaLedger]

Thanks for the kind words!

[@percyastronautstatus.8780]

Pleasant voice ... beautiful

[@audreymitchell836]

thank you very much.

[@sladanstamenkovic9134]

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

[@tyaiellis1113]

This was extremely helpful and easy to follow, thank you so much!

[@ryanoliver5269]

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

[@shoshanastaschover5196]

thank you!

[@sunsetstringsmusic]

Thanks for the video, this was very helpful!

[@GetHelpTax]

Good luck with your business!

[@jeanetteward3508]

Thank you!

[@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! 😁

[@itsyourworldtoday]

Thanks so much paperwork

[@Bear-ow9gy]

Thank you.

[@coolgiga]

Great Video!

[@Youdig101]

THANK YOU

[@Daianne-Barros]

Saved my life!

[@CORNERSTOW]

Thank you🙌🏿🙌🏿

[@isaacbulbulia1892]

Thank you so much you made it so simple

[@FunderaLedger]

You're welcome!

[@ltravj9640]

Thank you

[@mac4668]

Doing God's work, thank you!

[@Beautishka1]

thank youuu so muchhhh

[@chelceysmith7663]

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

[@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?

[@kaosaratfawehinmi2287]

Thank you so much for this video. 1 question, we got out EIN in 08/2020, what date will I put on line E of the form 2553? Again, thank you very much for the video.

[@rondonofrio9811]

Thank you - great info - 1 question: Part 1 - section M - you stated to put down shareholders SS# why not the tax id # EIN (say the company incorporated with only 1 person and 1 share - at $1.00 value still SS# or is it ok for EIN - Thanks!

[@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?

[@e_d_d_d]

This video is AMAZING! Excellent and thorough explanations!! 👏🏾👏🏾

[@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

[@gatorfan98]

Very helpful! I was stumped by Part II, but you made it very easy to understand. Thank 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!

[@MarriageKidsandMoney]

A VERY helpful video - Thank you! If we don't need to do part 2-4, should we only fax in the first 2 pages (besides the fax sheet)?

[@FunderaLedger]

We would recommend faxing all pages, just to avoid any confusion.

[@MarriageKidsandMoney]

@@FunderaLedger Thank you!

[@GrahamBrook]

Ok thanks