How to Complete IRS Form 2553 "S" Corporation Election

Published 2020-09-07
For late filed Form 2553 procedures, check here:    • IRS Form 2553 Late Filing Procedures ...  

This video covers the following topics:

1. What entities are eligible to make the election?
2. Why would an entity want to make an "S" corporation election?
3. Which fields should be completed and when to file?
4. Late filing procedures under Rev. Proc. 2013-30.
5. How does it change income tax reporting for the entity post-election?

Other videos covering entity classification elections:
   • Entity Classification Elections (Form...  

For more 2022 tutorials on Form 1120-S, please see the following playlist:
   • Form 1120-S (S Corporation) Tutorials  

For other form tutorials that might be applicable to your new S corporation, check our videos here:
S Corp Health Ins:    • How to Deduct Health Insurance for S ...  
Schedule B-1 Disclosure:    • Form 1120-S Schedule B-1....Disclosur...  
Form 8869 Q Sub Election:    • How to Prepare IRS Form 8869 - Qualif...  
How is Income Allocated?    • How Is Income Allocated for an S Corp...  
S Corp Debt Forgiveness:    • S Corporation Debt Forgiveness - Is i...  
S Corp Restricted Stock:    • S Corporation Restricted Stock Disclo...  
Deducting Business Gifts:    • Can Business Gifts Be Tax Deductible?  
Did your S corp election terminate?    • Inadvertently Terminate your S Corpor...  

For a larger database of tutorials, please visit our website and search for your question:
knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended, and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#Form2553 #IRS #Scorporation