Form 2553 is a foundational document for your S Corp.
It tells the IRS you want your LLC to be taxed as an S Corp.
It's the reason you stop reporting your business activity on Schedule C of your 1040 Personal Tax Return and start reporting it on your 1120s Business Tax Return.
Box E on Form 2553 determines the start of your S Corp financial books. Any income and expenses your business generates after the first of the month of the Box E date will be added to your QuickBooks Online. Don't worry if some activity occurred in personal accounts, our experts will help extract this information and put it in your S Corp books. This data is then used to file your 1120s Tax Return.
Note that since an ink signature is required, you’ll have to print the form. Here are the steps to filing form 2553:
A pre-filled form 2553 has been saved in your Documents on your Dashboard. Please download and review the document for accuracy. If all the information is correct, please print out the form. If the form is not accurate, please reach out to us by emailing [email protected]
Once printed, add the date and sign form 2553 in two places: The bottom of the first page, and the table on the second page.
On page 2, enter your Social Security Number in section M.
Scan the signed form and send it to us by emailing it to [email protected].
Keep the original signed form for your records.
Collective will fax your signed form 2553 to the IRS on your behalf. You should receive a confirmation letter in the mail from the IRS in approximately six months.
Once you’ve received your confirmation letter, please scan it and email it to [email protected].
We’ll add your form 2553 confirmation letter to your Collective Dashboard for future reference.