Learn exactly how to fill out IRS Form 2553. Businesses must file Form 2553 with the IRS to elect to be taxed as an S-corporation. The form is due no later than two months and 15 days after the beginning of the tax year in which the election takes effect. After electing S-corp status, the company is taxed as a pass-through entity, so the business’s income and losses are reflected on the owners’ personal tax returns. For more, check out our full guide: http://bit.ly/2Z0RPXx

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)

Fill out IRS Form 2553 via LegalZoom: http://bit.ly/2XICzBh

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.

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