< iframe width="480" height="320" src="https://www.youtube.com/embed/QmV6woT8X1Y?rel=0" frameborder="0" allowfullscreen >< img style="float: left; margin:0 5px 5px 0;" src="http://ustaxreview.org/wp-content/uploads/2021/03/cebjWj.jpg"/ > Find out exactly how to complete IRS Kind 2553. Companies need to submit Type 2553 with the Internal Revenue Service to elect to be taxed as an S-corporation. The form is due no later than two months and 15 days after the beginning of the tax year in which the election takes effect. After electing S-corp status, the business is taxed as a pass-through entity, so the business's income and losses are shown on the owners' individual tax returns. For more, have a look at our complete guide: http://bit.ly/2Z0RPXx Our video covers: Part 1: Election details (1:08). Part 2: Selection of financial tax year (7:36). Part 3: Qualified subchapter S trust (8:13). Part 4: Late corporate category election representatives (8:55). Fill out Internal Revenue Service Type 2553 by means of LegalZoom: http://bit.ly/2XICzBh. In this video, we supply a basic introduction of completing IRS Type 2553. This video is not meant to offer legal advice or to form an expert relationship. We suggest calling a company lawyer for guidance particular to your circumstances. Wish to find what monetary options are available for your little business? Using Fundera's exclusive technology, you can apply for financing with over 30 various loan providers with one application, at no expense whatsoever. Get going today: http://bit.ly/2vfz4lZ. Register for our YouTube channel for more videos on how to assist your business be successful: http://bit.ly/2LhY8nb