How to Fill out IRS Form 2553: Easy-to-Follow Instructions

Our video covers:

Part 1: Election information (1:08)

Part 2: Selection of fiscal tax year (7:36)

Part 3: Qualified subchapter S trust (8:13)

Part 4: Late corporate classification election representatives (8:55)

In this video, we provide a basic overview of filling out IRS Form 2553. This video is not intended to provide legal advice or to form a professional relationship. We suggest contacting a business lawyer for advice specific to your circumstances.

[TheTLSMD]

This was amazing. Thank you for your clear and concise information. This takes a weight off of us busy folk who are still working full time and trying to start a business at the same time!!!

[josephdiaz]

thank you for the video, I am posting this to give some clarification on section E AND F as I had to go to other sources for clearer explanations and it may help someone here :

Brief research on filing dates :

“What’s the deadline for filing Form 2553?

The deadline to elect S-Corporation tax treatment depends on whether your business is newly incorporated or is in its second (or later) tax year.
For a New Business

A corporation or LLC must file an S-Corp election within two months and 15 days (~75 days total) of the date of formation for the election to take effect in the first tax year.

Example: Your articles of formation was filed on August 21st. Two months later is counted to the numerically corresponding day of October 21st. Add 15 days to get November 5th. Your S-Corp election must be filed by November 5th to take effect in your first tax year."

disclaimer : I am not an expert, do your own homework as well

[christyleadersrealty]

This is the best instruction out here on YouTube

[scottluebke]

You are a legend. Just got my incorporation paperwork and it said I need to do this.

[noskillnochill]

These videos have helped me so much, thank you for empowering self-employed and small businesses!

[OiVinn-eqml]

This was very helpful! I was stuck starring at the screen rereading the form trying to figure it out.

Thank you!

[carlohrndz]

Thank you so much, you just saved me $395 that my accountant wanted to greedy charged me for this simple form.
Wishing you all the best for this holidays!

[toddlukasiewicz]

This is amazing. Thank you so much for making this video. Double thumbs up from a future business owner.

[candid.]

I’m appalled at how much my accountant tried to charge me for this.

[Aboriginal_Alien]

Thanks for this great video.
I’ve watched a lot of youtube videos on filling out this form and your is the best!
But there is one detail no one seems to address and that is in the first line, under “Name”. Most people filling out this form may have a home business where their personal address is the same as the business address. If this is the case the instruction ask you to do something different. The instruction sheet says the following;
“Name and Address

Enter the corporation's true name as stated in the corporate charter or other legal document creating it. If the corporation's mailing address is the same as someone else's, such as a shareholder's, enter "C/O" and this person's name following the name of the corporation. Include the suite, room, or other unit number after the street address. If the Post Office doesn’t deliver to the street address and the corporation has a P.O. box, show the box number instead of the street address. If the corporation changed its name or address after applying for its employer identification number, be sure to check the box in item D of Part I.”

I interpret this to mean that on the line labeled “Name” you should have put ABC Bakery LLC C/O Personal Name if the member lives at the same address as his/her business.

Do you agree or am I missing something?

Thanks :)

[Syndicate]

Thank you so much, do you have videos regarding the two additional forms you mentioned toward the end of the video?

[jorgecass]

Thank you so much you helped me fill mine out for my company! Thank you I’m just starting a One person LLC

[obinnaorji]

thank you...it seems intuitive that people should make clear and concise videos, but that is not always the case. thanks again.

[habitathairsalon]

Very Helpful, watched through twice to make sure I got it right. Thanks so so much!

[sugarkanesugaringspallcsug]

Thanks for this video. It was a prayer answered. I've been trying to get my S-Corp since 2021 but they kept sending me the forms back without a true understanding so this video broke it down for me and sent the forms off today and THEY WERE CORRECT! Thanks!

[JohnSmith-wuyx]

Hey thank you so much for your amazing video. Love it. Question: My business was formed in June of 2020 and we go by a calendar year, so what date would I put as the effective date for section "E" ? I'm confused about that.

[drkatrinapt]

THANK YOU FOR THIS VIDEO! This is so helpful! The instructions on the IRS website are so hard to understand. This was very easy to digest and I'm so glad you have this video!!

[jonplay]

Thank you. Exactly how these video should be no intro music playing or sad attempt at being funny or entertaining. Just the information that I clicked on the video for. Lots of YouTubers could learn from you

[nancysousa]

This was helpful if I wanted to go to an S-corp I need to know if I change to from an S corp to a C corp?

[lizlaverde]

Thank you very much. God bless you. It was easy. This is the first time with my own businesses. I still get confused which one is the difference with LLC?