[{"@context":"https:\/\/schema.org\/","@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/how-to-fill-out-form-2553\/#Article","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/how-to-fill-out-form-2553\/","headline":"How to Fill Out and File Form 2553","name":"How to Fill Out and File Form 2553","description":"Form 2553 is a tax form on which owners of an LLC or corporation...","datePublished":"2021-10-02","dateModified":"2022-08-09","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/what-is-form-2553.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/what-is-form-2553.jpg","height":460,"width":1900},"url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/how-to-fill-out-form-2553\/","about":["Business Taxes"],"wordCount":890,"keywords":["schema"],"articleBody":"Form 2553 is a tax form on which owners of an LLC or corporation can elect for their business entity to be taxed as an S corporation for federal income tax purposes.Table of ContentsToggleHow Form 2553 WorksWhen to File Form 2553How To Fill Out Form 2553Where to File Form 2553What Happens After You File Form 2553?How Form 2553 WorksFor many business owners, electing for their business to be treated as an S corporation for tax purposes will save them on taxes as well as provide other benefits.However, in order for one’s business to be treated as an S corporation, the business must communicate this desire to the IRS via an election and the IRS must approve this election.This election is made on Form 2553.When to File Form 2553Form 2553 must be filed either during the tax year that precedes the tax year for which you want the S corporation to take effect or no more than two months and 15 days from the beginning of the tax year you want the S corporation to take effect.So if you want your business’s S corporation election to take effect on January 1, 2022, you can file Form 2553 any time between January 1, 2021, until March 15, 2022.If you miss this original deadline, you may be able to qualify for late election relief.How To Fill Out Form 2553Form 2553 has four parts.\u00a0 Part I must be completed by all businesses electing to be treated as an S corporation.Name: Input the true name of the business as stated in its formation documents filed with the Secretary of State.Address: Input the business’s mailing address in the appropriate lines.Item A: Input the business’s employer identification number (EIN) obtained from the IRS.Item B: Input the date the business was formed with the Secretary of State for its state.Item C: Input the state the business was formed in.Item D: If the business changed its name and\/or address after applying for its EIN, check the applicable box.Item E: Indicate the start date of the tax year for which you intend the S corporation election to take effect.\u00a0 For example, if you want your business to be treated as an S corporation for all of calendar year 2022, input “January 1, 2022” on this line.Item F: Check the box indicating what kind of tax year you want your S corporation to be on for tax purposes.\u00a0 Most businesses are on a calendar year — beginning January 1 and ending December 31 — but others opt for a fiscal year ending on some other date than December 31 or a 52-53-week year that always ends on the same day of the week.Item G: One of the S corporation requirements is that the S corporation have no more than 100 shareholders.\u00a0 However, certain members of the same family (including their states) can be counted as one shareholder for purposes of this requirement.\u00a0 If your S corporation needs to do this in order to meet the no-more-than-100-shareholders requirement, check the box on Line G.Item H: Indicate the name and title of the officer or legal representative of the business for tax purposes along with this individual’s phone number.Item I: If you’re filing your S corporation election late, this is the section where you make your reasonable cause statement letting the IRS know why they should accept your S corporation election even though it’s late.Column J: Each shareholder’s name and address must be given its own row.Column K: Each shareholder must sign and date in this column.Column L: Indicate each shareholders number of shares owned or percentage ownership as well as the date or dates when they acquired their shares.Column M: Indicate each shareholder’s social security number or employer identification number.Column N: Indicate the date on which each shareholder’s tax year ends.Finally, when you have completed the Form 2553, an officer of the business must sign and date at the bottom of the first page, indicating their title as well.Also indicate the business’s legal name and employer identification number at the top of each page of Form 2553.Where to File Form 2553Where you file Form 2553 depends both on where you live as well as whether you want to mail the form or fax it.If you mail the form, be sure to make a copy of completed, signed form, and mail the original to the IRS..simple_table-44149 table tr th{\ttext-align: center;\t\t}.simple_table-44149 table tr td{\ttext-align: center;\t\t}Where to File Form 2553If the Business's Principal Business Offer Is in:And You Want to File by Mail, Mail To:And You Want to File by Fax, Fax to:Connecticut, Delaware,District of Columbia, Georgia, Illinois, Indiana, Kentucky, Maine, Maryland, Massachusetts, Michigan, New Hampshire, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Rhode Island, South Carolina, Tennessee, Vermont, Virginia, West Virginia, WisconsinDepartment of the TreasuryInternal RevenueService CenterKansas City, MO 64999855-887-7734Alabama, Alaska, Arizona, Arkansas, California, Colorado, Florida, Hawaii, Idaho, Iowa, Kansas, Louisiana, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Mexico, North Dakota, Oklahoma, Oregon, South Dakota, Texas, Utah, Washington, WyomingDepartment of the TreasuryInternal RevenueService CenterOgden, UT 84201855-214-7520What Happens After You File Form 2553?After you file Form 2553 and the IRS processes it, the IRS will send your business a letter with its decision whether or not your S corporation is approved."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Taxes","item":"https:\/\/moneydoneright.com\/taxes\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Business Taxes","item":"https:\/\/moneydoneright.com\/taxes\/\/business-taxes\/#breadcrumbitem"},{"@type":"ListItem","position":3,"name":"How to Fill Out and File Form 2553","item":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/how-to-fill-out-form-2553\/#breadcrumbitem"}]}]