Form 2553 S-Corp Election Generator

Situation	Filing Deadline
New Business	Within 2 months and 15 days of the date your business's tax year begins
Existing Calendar-Year Corporation	On or before March 15 of the year the election is to take effect
Prior Year Election	Any time during the tax year preceding the year the election takes effect

Late Relief — Rev. Proc. 2013-30

If you missed the deadline, you may still be able to elect S-corp status retroactively — up to 3 years and 75 days from your target effective date — without an expensive IRS private letter ruling.

Three conditions required

Consistent reporting. All shareholders must have filed taxes consistent with S-corp status for every affected year.
Reasonable cause. You must provide a written explanation for the late filing (e.g., unaware of deadline, professional oversight).
Diligence. You acted promptly to fix the issue once discovered.

01 Business Information

Legal Name of Corporation / LLC *

Employer Identification Number (EIN) * Format: XX-XXXXXXX · Never enter your SSN here

Mailing Address — Street *

City *

State *

ZIP *

State of Incorporation / Organization *

Date of Incorporation / Formation *

Item D — Name or Address Change

Check any that apply if your corporation's name or mailing address changed after you received your EIN. Leave both unchecked if nothing has changed since the EIN application (most filers).

Name changed since EIN application Address changed since EIN application

02 Election Details

Effective Date of S-Corp Election * The date you want S-corp status to begin

Tax Year End *

Calendar Year — December 31

Default & most common for S corporations

Fiscal Year

Non-December year end — may require IRS approval

Fiscal Year Ends In

Non-calendar fiscal years require completing Part II of Form 2553 by hand and may need IRS approval. Consult a CPA.

Name of Officer or Director Filing This Form *

Title *

Phone Number *

03 Shareholders

🔒 SSN fields are intentionally omitted. After downloading and printing, write each shareholder's SSN in ink in Column B of the shareholder consent table. Never type your SSN into a web form.

04 Late Election Relief

Apply for late election relief under Rev. Proc. 2013-30

When checked, the downloaded PDF will include the required "FILED PURSUANT TO REV. PROC. 2013-30" header and the reasonable-cause statement in Section I of the form.

Statement written into Section I of your PDF

"The entity failed to qualify as an S corporation on the intended effective date solely because Form 2553 was not timely filed. The failure was due to inadvertent administrative oversight. The taxpayers relied on professional advice and were unaware of the specific filing deadline. No tax avoidance is intended, and all shareholders have reported their income on all affected returns consistent with this S corporation election."

All shareholders must have filed taxes consistent with S-corp status for every affected year. If any shareholder filed inconsistently, late relief may not be available — consult a tax professional.

Form Summary

Fill in the form to see your summary

⚠ The IRS form has 7 shareholder rows. You have more than 7 shareholders — only the first 7 will be filled automatically. Attach a continuation sheet for remaining shareholders.

Complete in ink after printing:

Each shareholder's SSN — Column B of the shareholder table (page 2)
Officer signature + date — bottom of page 1
Each shareholder's signature + date of consent — Columns F & G (page 2)

After downloading, view filing instructions →

Common questions about S-corp elections.

What exactly does an S-corp election do? ▼

Filing Form 2553 tells the IRS you want your corporation or LLC to be taxed as an S corporation under Subchapter S of the Internal Revenue Code. This changes how your business income is taxed — profits and losses pass through to your personal tax return, and you may be able to reduce self-employment taxes by splitting income between a salary and distributions.

The election does not change your legal structure — your LLC remains an LLC at the state level. It only changes your federal tax classification.

Should I elect S-corp status? ▼

This is a decision that depends on your specific financial situation — this tool cannot make that determination for you. As a general rule, S-corp status tends to help when your business generates consistent net profit above roughly $80,000–$100,000, because the potential payroll tax savings can outweigh the added complexity and cost (payroll administration, separate business return, reasonable salary requirements).

Before electing, confirm the math with a CPA who has reviewed your actual numbers. The general information here is not advice about your situation.

What are the eligibility requirements for S-corp status? ▼

To qualify as an S corporation, your entity must: (1) be a domestic corporation or LLC treated as a corporation, (2) have no more than 100 shareholders, (3) have only eligible shareholders — U.S. citizens or permanent residents, certain trusts, and estates (no partnerships, corporations, or non-resident aliens), and (4) have only one class of stock (LLCs must have equal economic rights).

If any of these conditions aren't met, the election will be invalid. If you have foreign founders or investors, or complex ownership structures, consult an attorney before filing.

What is a "reasonable salary" and why does it matter? ▼

S-corp shareholder-employees must pay themselves a reasonable salary before taking distributions. The IRS defines "reasonable" as compensation comparable to what you'd pay someone else to do the same work in an arm's-length transaction. If your salary is too low, the IRS can reclassify distributions as wages and assess back payroll taxes plus penalties.

Setting this correctly is one of the most important steps after your election takes effect. Consult a CPA to determine the right range for your role and income level.

Does filing Form 2553 change my state taxes? ▼

Federal S-corp status does not automatically apply at the state level. Most states recognize the federal election, but some require a separate state-level election or impose additional taxes on S corporations. California, for example, charges an S-corp franchise tax and an additional 1.5% tax on net income. New York City does not recognize S-corp status at all for city tax purposes.

Check your state's specific requirements with a local CPA or tax attorney before assuming your state treatment mirrors federal.

What happens after I file Form 2553? ▼

The IRS will send you a written notice (CP261) confirming your S-corp election, typically within 60 days of receipt. Keep this notice permanently — it's proof your election was accepted. If you don't receive it within 60 days, contact the IRS to confirm receipt.

Once effective, you'll need to: file Form 1120-S (S-corp return) annually instead of 1065 or 1040 Schedule C, run payroll and pay yourself a reasonable salary, and issue K-1s to all shareholders each year.