IRS Form 2553 is filed by a domestic eligible entity to elect to be an S corporation for federal tax purposes. If the election is filed late, the entity may qualify for late election relief.
An S corporation election can be terminated voluntarily or involuntary. In some cases, the company makes a decision that inadvertently terminates their S election.
An S corporation may determine at a later date that it is no longer beneficial to be taxed as an S corporation and wants to revoke the election. There are a few ways to revoke the election.
For many business owners, the S corporation may not be the best choice for entity selection. This article and video discuss the top 5 reasons to avoid the S corporation structure.
The S corporation election is a valuable tool for many small businesses. In order to make an S corporation election, the entity must be a domestic eligible entity, which includes U.S. LLCs. This article and video discuss the process to make an S election for an LLC.
The S corporation election is a popular choice for many small businesses. This article and video tutorial cover a sample Form 2553 "S" corporation election.
