LLCs don’t start as corporations. But when an LLC files Form 2553 to elect S-Corp status, the IRS reclassifies it as a corporation first, then applies the S-Corp
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S-Corp Eligibility Requirements: Who Qualifies for S-Corporation Status
Not every business can be an S-Corp. The IRS sets specific rules under IRC §1361, and failing any one of them kills the election before it starts. Worse,
How to Revoke Your S-Corp Election: Process, Rules, and Tax Consequences
An S-Corp election isn’t permanent. Businesses outgrow it. Ownership changes. The math shifts. And when any of those happen, revoking your S-Corp election becomes a real conversation. But
S-Corp Election Deadline: Key Dates and Filing Rules
Miss the S-Corp election deadline by one day and you’ll wait an entire year to try again. That’s 12 more months paying self-employment tax on every dollar of
Where to Mail and Fax Form 2553 (Current Addresses)
Filing Form 2553 is how your business officially elects S corporation status with the IRS. But the form doesn’t go to a universal address. The IRS splits filings
S-Corp Election: How to Elect S-Corp Status for Your LLC
S-Corp Election: How to Elect S-Corp Status for Your LLC If you’re running a profitable LLC, the S-Corp election could cut your self-employment tax bill by $10,000 or
Late S-Corp Election: How to File After Missing the Deadline
Late S-Corp Election: How to File After Missing the Deadline You meant to file Form 2553 by March 15. Now it’s July. The IRS deadline came and went,