An HR Glossary for HR Terms

Glossary of Human Resources Management and Employee Benefit Terms

Form 2553

Form 2553 is a tax form that a corporation can file to elect taxation as an S corporation. Form 2553 provides the IRS with information to continue the process of transforming a corporation to an S corporation. The form also provides documentation of the effective date of the S corporation election, removing the need to file other tax classification forms (such as Form 8832.)

What Information Is Needed to Fill Out Form 2553?

Before filling out Form 2553, a corporation needs to gather the following tools and pieces of information:

When Do Corporations Need to Fill Out Form 2553?

Corporations should complete and file Form 2553 no more than two months and 15 days after the beginning of the tax year the election is to take effect. Corporations can also decide to make the S corp election at any time during the tax year preceding the tax year it is to take effect.