Entities with Domestic Partners That Want to Be S Corps

• Form 2553 – Election by a Small Business Corporation

This refers to business entities with domestic (U.S.) partners that want to elect S Corporation (S Corp) status for tax purposes.

• Form 2553 is filed with the IRS to elect S Corporation status, which allows a corporation to be taxed as a pass-through entity (avoiding double taxation).

• Only domestic corporations and eligible entities can make this election.

• The election must generally be made by March 15 for it to apply to the current tax year.