What is the Form 2553?
The Form 2553 is a document used by eligible domestic corporations in the United States to elect to be taxed as an S Corporation for federal income tax purposes. By submitting this form to the IRS, a corporation can request to pass its income, deductions, and credits directly to its shareholders, avoiding double taxation at the corporate level. This form must be filed within a specific time frame, typically 75 days from the start of the tax year or within 2 months and 15 days of incorporation or formation.