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.

Want to discover what financial options are available for your small business? Using Fundera’s proprietary technology, you can apply for financing with over 30 different lenders with one application, at no cost whatsoever. Get started today: bit.ly/2vfz4lZ

Subscribe to our YouTube channel for more videos on how to help your business succeed: bit.ly/2LhY8nb