Where do I Send my 2553 form?

Department of the Treasury ▶ You can fax this form to the IRS. See separate instructions. Internal Revenue Service ▶ Go to www.irs.gov/Form2553 for instructions and the latest information.

What happens if Form 2553 is not filed on time?

If Form 2553 isn’t timely filed, see Relief for Late Elections, later. It has no more than 100 shareholders. You can treat an individual and his or her spouse (and their estates) as one shareholder for this test. You can also treat all members of a family (as defined in section 1361 (c) (1) (B)) and their estates as one shareholder for this test.

What is the difference between Form 1120-S and Form 2553?

The election can be filed with the current Form 1120-S if all earlier Forms 1120-S have been filed. The election can be attached to the first Form 1120-S for the year including the effective date if filed simultaneously with any other delinquent Forms 1120-S. Form 2553 can also be filed separately.

What is the deadline for filing Form 2553 for S Corp?

The 2-month period ends March 6 and 15 days after that is March 21. To be an S corporation beginning with its first tax year, the corporation must file Form 2553 during the period that begins January 7 and ends March 21. Because the corporation had no prior tax year, an election made before January 7 won’t be valid.

How long do I have to file IRS Form 2553?

You have until March 15, 2021, to file IRS Form 2553. You can also file the form anytime during 2020. New business: If you have a new business, then you won’t have any previous tax filings. Let’s say you have a new business whose tax year starts January 1, 2021.

What is IRS Form 2553 for S-Corp?

IRS Form 2553 is a four-page form that contains information about a business and its shareholders. The information you provide impacts whether the IRS will approve S-corp tax status and when the status will take effect.