IRS Form 2553

Part 1: Election information

Box A: Enter your business name, employer identification number (EIN), and mailing address. If your personal address is also your business mailing address, you can write [Business Name] C/O [Your Name] as the address.

Box B:The date your business was incorporated or registered.

Box C:The state where you formed your business.

Box D:Check these boxes if you changed your business’s name or address after applying for your EIN.

Box E & F:Enter the date you want your S corp status to take effect and select your tax year. Consulting with a professional is a good idea if you want to choose an option other than a calendar year.

Box G:Check this box only if you have over 100 shareholders, but some are family members. You can treat family members as a single shareholder.

Box H:Enter contact info for your legal representative (this could also be you).

Box I:This is where you can make the case for reasonable cause when filing a late election. If there isn’t enough room, feel free to attach a statement instead.

Box J:Enter the names and addresses of the shareholders who must consent to the S corp election.

Box K:Each shareholder must sign and date the form under the consent statement.

Box L:List the number of shares each shareholder owns (or the percentage of the company they own).

Box M:Enter the Social Security number (SSN) for each shareholder (or EIN if the shareholder is a trust, estate, or exempt organization).

Box N:Enter the date each shareholder’s tax year ends (typically Dec. 31).

Part II: Selection of Fiscal Tax Year

Only fiscal-year filers need to complete Part II for tax purposes. You can leave this section blank if you checked the calendar year in Part I.

Section O: Check the box that applies to your business.

Section P: Select either natural business year or ownership tax year.

Section Q: If you didn’t select anything in Section P, choose your business purpose tax year.

Section R:If you didn’t select anything in Section P or Q, choose your backup fiscal year selection..

Part III: Qualified Subchapter S Trust (QSST) Election

This section won’t apply to many small businesses — it’s only for trusts that own S corp shares and pay all income to the income beneficiary. It asks for the beneficiary’s name, address, and SSN, plus the name and EIN of the trust.

Part IV: Late Corporate Classification Election Representation

You can skip this section if you file Form 2553 within the deadline. If you’re filing a late election, this part simply lists the eligibility requirements you must meet to qualify for late election relief.