Attach Form 2553 to your current year Form 1120S, as long as the form is filed within three years and 75 days after the intended date of S-Corp election.
Can an LLC elect S corp status?
By default, LLCs with more than one member are treated as partnerships and taxed under Subchapter K of the Internal Revenue Code. And, once it has elected to be taxed as a corporation, an LLC can file a Form 2553, Election by a Small Business Corporation, to elect tax treatment as an S corporation.
Can LLC file form 2553?
Form 2553. The Election by a Small Business Corporation (Form 2553) is the form an entity must file with the IRS to elect S corporation tax status. An LLC can file Form 2553 with the IRS if it properly qualifies as an S corporation.
What is the deadline for filing Form 2553?
March 15
Forms must be filed by two months and 15 days after your tax year. For businesses whose tax year is the calendar year, this means you must file by March 15. If you’re making a late election, you will also have an opportunity to provide an explanation as to why on page 1.
What do I need to know about Form 2553?
A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation. A corporation or other entity eligible to be treated as a corporation files this form to make an election under section 1362(a) to be an S corporation. Current Revision Form 2553 (PDF)
How to elect a LLC as a S corporation?
A timely filed Form 2553 will constitute a deemed entity classification election, as if Form 8832 were filed. However, this deemed entity classification election is effective only if the electing entity meets all of the requirements to be an S corporation.
Where to find principal business address on IRS Form 2553?
Now that you have your LLC’s address (also known as your “Principal Business Address”), open the IRS’s Instructions for Form 2553. Then look for the section titled “Where To File”. You’ll then see different mailing addresses based on the address you used for your LLC (at the time you filed Form 2553).
What happens to a LLC if it elects s status?
If the election is made, the entity is deemed to transfer all of its assets and liabilities to the corporation in exchange for the corporation’s stock. The entity is then deemed to distribute the corporation’s stock to its owners in complete liquidation (Regs. Sec. 301. 7701 – 3 (g) (1)).
