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IRS Form 2553 "S" Corporation Election
Rating: 4.8 out of 5(10 ratings)
49 students

IRS Form 2553 "S" Corporation Election

Learn everything you need to know about filing Form 2553 including late election relief
Created byJason Knott
Last updated 6/2021
English

What you'll learn

  • What are the benefits and drawbacks of an "S" Corporation structure?
  • How to file the S corporation election?
  • If I file the election late, what are my options under the late election relief procedures?

Course content

2 sections • 8 lectures • 54m total length

  • Introduction & Course Objectives3:10

    Explain the IRS Form 2553 S corporation election, including eligible entities, ownership limits, and pass-through taxation versus partnership. Cover declassification relief procedures, late election relief, confirmations, and annual reporting requirements.

Requirements

  • Basic understanding of federal tax rules

Description

The S corporation election is a popular entity tax classification in the United States.  One of the greatest misconceptions about the S corporation is that it is a legal entity formed under State Law.  This is not true.  The S corporation is a federal tax election only and is not a legal entity type.

Many entrepreneurs choose the S election classification because it helps reduce their federal self-employment taxes.  In this guide, we want to cover the most popular aspects of the S corporation election and what it means to operate an S corporation.

We will cover the following topics within this guide:

1. What is an "S" corporation under federal tax law.
2. What entities are eligible to make the S corporation election.
3. What are the ownership restrictions and operating limitations once you make the S corporation election.
4. What are the primary tax advantages and disadvantages of making the S corporation election.
5. How to complete the IRS Form 2553 election form.
6. What do you need to file when the S corporation is late.
7. What are the annual reporting requirements for my S corporation once the election is approved by the IRS.

Once you have completed this guide and reviewed the materials, you should have a better understanding of the S corporation election and how to file the election with the IRS.

Who this course is for:

  • New business owners with an LLC or Corporation

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