Form 2553 allows a corporation or an LLC (that wants to be taxed as a corporation) to make an S corporation election with the IRS. This election enables the business to pass corporate income, losses, deductions, and credits directly to shareholders, avoiding double taxation.
To fax IRS Form 2553, you need to use a specific fax number based on the state where your business is located. Here is the complete list of states and their corresponding fax numbers:
Make sure to include a cover sheet with your contact information and any necessary details to ensure proper processing of your submission.
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The entity must meet eligibility requirements:
Filing Form 2553 is essential if you want your corporation or eligible LLC to be taxed as an S corporation. Benefits include:
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