This s corp form is filed with the IRS to elect S Corporation status. Form 8832 “Entity Classification Election” is the form that’s used for a taxable entity to elect to be taxed as another sort of entity. For details, see Where to File Your Taxes for Form 2553. 2002-39, 2002-22 I.R.B. The corporation has reasonable cause for its failure to timely file Form 2553 and has acted diligently to correct the mistake upon discovery of its failure to timely file Form 2553; 4. The deadline for filing Form 2553, Election by a Small Business Corporation, differs depending on whether the corporation is already in existence (i.e., operating as a C corporation) or newly formed. Form 2553 must be filed before the 16th day of the third month of the corporation's tax year, or before the 15th day of the second month of a tax year if the tax year is 2½ months or less.You can also file the form at any time during the tax year before the year in which you want the election to take effect. The form is typically due by March 15 of the tax year for which it applies, but the IRS will accept it late if a company has "reasonable cause" for the delay. See the instructions for details regarding the gross receipts from sales and services. Attach to Form 2553 a statement describing the relevant facts and circumstances and, if applicable, the gross receipts from sales and services necessary to establish a business purpose. Taxpayer Relief for Certain Tax-Related Deadlines Due To Coronavirus Pandemic -- 14-APR-2020. Back to Top. When do I submit Form 2553 to the IRS? If you missed the deadline for filing Form 2553, don’t worry — it might not be too late. Electing S status for an existing C corporation. This is one of the s corporation forms that is due within 75 days of the Date of Formation, within 75 days of a new tax year, or any time during the year preceding the year the election is to be effective.

When a C corporation elects to become an S corporation, S status begins on the day following the last day of the electing C corporation's tax year. The corporation intended to be classified as an S corporation as of the date entered on line E of Form 2553; The corporation fails to qualify as an S corporation (see Who May Elect, earlier) on the effective date entered on line E of Form 2553 solely because Form 2553 wasn’t filed by the due date (see When To Make the Election, earlier); 1046. line E of Form 2553 solely because Form 2553 wasn’t filed by the due date (see When To Make the Election, earlier); 3. Effective June 18, 2019, the filing address has changed for Form 2553 filers located in certain states. Late Filings Are Common Under the Internal Revenue Code, the IRS can accept a late Form 2553 if the failure to file was "inadvertent."

What is Form 2553?