fyllyoGovernment Forms
Form 2553
Election by a Small Business Corporation
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Form reference
Before you begin.
Use these notes as a starting point. Check the issuing agency’s current form and instructions for your client’s situation.
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Step 1: Gather Necessary Information
Before using Fyllyo to fill out Form 2553, ensure you have all necessary details on hand. This includes your corporation's name, address, Employer Identification Number (EIN), and date and state of incorporation. You'll also need the signatures of all shareholders and a corporate officer. Having these ready will streamline the form-filling process.
Details worth checking
Correct Filing Location
Submitting Form 2553 to the wrong IRS location can delay processing or result in rejection. The form must be sent to the IRS service center corresponding to your corporation's principal business location.
Eligibility Criteria Compliance
Corporations must meet specific eligibility requirements to elect S corporation status, such as having only allowable shareholders and no more than 100 shareholders. Non-compliance can invalidate your election.
Accurate Corporation Identification
Incorrect or missing information like the corporation's name, address, or EIN can lead to processing issues. This data must match IRS records exactly.
Shareholder Consent Verification
Missing or incorrect shareholder consents can result in the rejection of the S corporation election. Each shareholder must consent in writing.
Effective Date and Tax Year Accuracy
Specifying the wrong effective date or tax year type can lead to incorrect tax reporting. These details must align with your corporation's fiscal practices.
Notification of Name or Address Changes
Failing to update the IRS about any changes in the corporation's name or address can cause communication and processing issues.
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