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December 2020","","Instructions for Form 2553 (Rev. December 2020) explain how eligible domestic corporations or entities elect to be treated as S corporations under section 1362(a). It details eligibility tests, limits on shareholder numbers and permitted shareholder types, restrictions on nonresident alien ownership, and requirements such as having only one class of stock and meeting tax-year rules. It also covers timing for filing Form 2553 and provides examples plus references to related IRS forms and regulations.",{"@graph":63,"@context":118},[64,80,101],{"@type":65,"itemListElement":66},"BreadcrumbList",[67,71,74,77],{"item":68,"name":69,"@type":70,"position":9},"https://docshare.wps.com","Home","ListItem",{"item":72,"name":10,"@type":70,"position":73},"https://docshare.wps.com/template/",2,{"item":75,"name":36,"@type":70,"position":76},"https://docshare.wps.com/template/forms/",3,{"item":78,"name":59,"@type":70,"position":79},"https://docshare.wps.com/template/instructions-for-form-2553-rev-december-2020/303719/",4,{"url":78,"name":59,"@type":81,"image":82,"author":87,"headline":59,"publisher":90,"fileFormat":93,"inLanguage":57,"description":61,"dateModified":94,"datePublished":95,"encodingFormat":93,"isAccessibleForFree":96,"interactionStatistic":97},"DigitalDocument",{"url":83,"@type":84,"width":85,"height":86},"https://docshare.wps.com/thumbnails/instructions-for-form-2553-rev-december-2020/303719.png","ImageObject",442,249,{"name":88,"@type":89},"4398046744996","Person",{"url":68,"name":91,"@type":92},"DocShare","Organization","application/pdf","2026-09-26","2026-09-19",true,{"@type":98,"interactionType":99,"userInteractionCount":79},"InteractionCounter",{"@type":100},"ViewAction",{"@type":102,"mainEntity":103},"FAQPage",[104,110,114],{"name":105,"@type":106,"acceptedAnswer":107},"What is Form 2553 used for?","Question",{"text":108,"@type":109},"Form 2553 is used by an eligible corporation or entity to make an election under section 1362(a) to be treated as an S corporation.","Answer",{"name":111,"@type":106,"acceptedAnswer":112},"What are the main eligibility tests to elect S corporation status?",{"text":113,"@type":109},"The entity must be a domestic corporation/entity that timely files Form 2553 and satisfies tests on shareholder limits and permitted shareholder types, absence of nonresident alien shareholders, only one class of stock, and that it is not an ineligible corporation.",{"name":115,"@type":106,"acceptedAnswer":116},"When must Form 2553 be filed to take effect?",{"text":117,"@type":109},"It must be filed no more than 2 months and 15 days after the beginning of the tax year it is to take effect, or at any time during the preceding tax year.","https://schema.org",{"og:url":78,"og:type":120,"og:title":59,"og:site_name":91,"og:description":61},"article",{"robots":122,"canonical":78},"index,follow",{"doc_id":124,"site_id":56},303719,1790154616,{"code":4,"msg":5,"data":127},{"doc_id":124,"user_id":128,"nickname":88,"user_avatar":60,"doc_module":9,"category_id":35,"category_name":36,"doc_title":59,"doc_description":61,"doc_content":129,"file_id":130,"file_url":131,"file_type":132,"file_size":133,"view_count":79,"is_deleted":4,"is_public":9,"is_downloadable":9,"audit_status":9,"page_count":134,"language":135,"language_code":57,"site_id":56,"html_lang":57,"table_of_contents":136,"faqs":137,"seo_title":138,"seo_description":61,"update_tm":139,"read_time":73},4398046744996,"Instructions for Form 2553  \n(Rev. December 2020)  \nDepartment of the Treasury  \nInternal Revenue Service  \n(For use with the December 2017 revision of Form 2553, Election by a Small  \nBusiness Corporation)   \nSection references are to the Internal Revenue Code unless otherwise noted.  \nFuture Developments  \nFor the latest information about developments related to Form 2553 and its instructions, such as legislation enacted after they were published, [go to](go to IRS.gov/Form2553)[ ](go to IRS.gov/Form2553)[IRS.gov/Form2553](go to IRS.gov/Form2553) .  \nGeneral Instructions Purpose of Form  \nA corporation or other entity eligible to elect to be treated asa corporation must use Form 2553 to make an election under section 1362(a) to be an S corporation. An entity eligible to elect to be treated as a corporation that meets certain tests discussed below will be treated as a corporation as of the effective date of the S corporation election and doesn’t need to file Form 8832, Entity Classification Election.  \nThe income of an S corporation generally is taxed to the shareholders of the corporation rather than to the corporation itself. However, an S corporation may still owe tax on certain income. For details, see Tax and Payments in the Instructions for Form 1120-S, U.S. Income Tax Return for an S Corporation.  \nWho May Elect  \nA corporation or other entity eligible to elect to be treated asa corporation may elect to be an S corporation only if it meets all the following tests.  \n1. It is (a) a domestic corporation, or (b) a domestic entity eligible to elect to be treated as a corporation, that timely files Form 2553 and meets all the other tests listed below. If Form 2553 isn’t timely filed, see Relief for Late Elections, later.  \n2. It has no more than 100 shareholders. You can treat an individual and his or her spouse (and their estates) as one shareholder for this test. You can also treat all members of a family (as defined in section 1361(c)(1)(B)) and their estates as one shareholder for this test. For additional situations in which certain entities will be treated as members of a family, see Regulations section 1.1361-1(e)(3)(ii) . All others are treated as separate shareholders. For details, see section 1361(c)(1) .  \n3. Its only shareholders are individuals, estates, exempt organizations described in section 401(a) or 501(c)(3), or certain trusts described in section 1361(c)(2)(A) .  \nFor information about the section 1361(d)(2) election to bea qualified subchapter S trust (QSST), see the instructions for Part III. For information about the section 1361(e)(3) election to be an electing small business trust (ESBT), see Regulations section 1.1361-1(m) . For guidance on how to convert a QSST to an ESBT, see Regulations section 1.1361-1(j)(12) . If these elections weren’t timely made, see Rev. Proc. 2013-30, 2013-36 I. R. B. 173, available at [IRS.gov/irb/2013-36_IRB\\#RP-2013-30](IRS.gov/irb/2013-36_IRB#RP-2013-30) .  \n4. It has no nonresident alien shareholders (other than as potential current beneficiaries of an ESBT) .  \n5. It has only one class of stock (disregarding differences in voting rights) . Generally, a corporation is treated as having only one class of stock if all outstanding shares of the corporation's stock confer identical rights to distribution and liquidation proceeds. See Regulations section 1.1361-1(l) for details.  \n6. It isn’t one of the following ineligible corporations.  \na. A bank or thrift institution that uses the reserve method of accounting for bad debts under section 585.  \nb. An insurance company subject to tax under subchapter L of the Code.  \nc. A domestic international sales corporation (DISC) or former DISC.  \n7. It has or will adopt or change to one of the following tax years.  \na. A tax year ending December 31.  \nb. A natural business year.  \nc. An ownership tax year.  \nd. A tax year elected under section 444.  \ne. A 52-53-week tax year ending with reference to a year listed above.  \nf. Any","cbCaio1F1CEIZny3","https://ap.wps.com/l/cbCaio1F1CEIZny3","pdf",147050,6,"English","# Purpose of Form\n## Who May Elect\n## When To Make the Election","[{\"question\":\"What is Form 2553 used for?\",\"answer\":\"Form 2553 is used by an eligible corporation or entity to make an election under section 1362(a) to be treated as an S corporation.\"},{\"question\":\"What are the main eligibility tests to elect S corporation status?\",\"answer\":\"The entity must be a domestic corporation/entity that timely files Form 2553 and satisfies tests on shareholder limits and permitted shareholder types, absence of nonresident alien shareholders, only one class of stock, and that it is not an ineligible corporation.\"},{\"question\":\"When must Form 2553 be filed to take effect?\",\"answer\":\"It must be filed no more than 2 months and 15 days after the beginning of the tax year it is to take effect, or at any time during the preceding tax year.\"}]","Instructions for Form 2553 - Rev. December 2020 | PDF",1789806469]