Timelines for Filing IRS Form 2553
The deadline for filing Form 2553 is strict and you must adhere to it to secure S corporation tax status. The deadlines are as follows:
- Filing for current year status: To elect S corporation status for the current tax year, you must file Form 2553 no later than two months and 15 days after the beginning of the tax year. For example, if your tax year begins on January 1st, you must file by March 16th.
- Filing for next year status: If you file Form 2553 after the two months and 15 day deadline, your S corporation election will generally apply to the following tax year.
- Late election relief: There are limited circumstances where the IRS may grant late election relief if you missed the filing deadline. However, obtaining this relief is not guaranteed. Consult a tax professional if you believe you may qualify for late election relief.
Where to File 2553 Form in US ?
If you want the tax benefits of an S corporation, you must file IRS Form 2553, “Election by a Small Business Corporation.” This form elects the S corporation tax treatment. Filing this form in the proper manner is crucial to ensure your business receives the preferential tax treatment offered to S corporations.
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