Home › Guides › Business structure › How to elect S-corp (Form 2553)
How to Elect S-Corp Status (Form 2553): Deadlines and Steps
The short answer: file IRS Form 2553. For S-corp taxes to cover all of 2027, file it any time in 2026 or by March 15, 2027. An LLC doesn't need to file Form 8832 first. Every owner must sign the consent, and an officer must sign the form. After approval, set up payroll and pay yourself a reasonable salary.
Before you file
- Run your numbers: is it worth it yet? See when to elect S-corp.
- Decide on a reasonable salary.
- Have your LLC's EIN, formation date and owners' details ready.
Who can elect
- A domestic corporation, or an LLC eligible to be taxed as a corporation
- 100 or fewer shareholders (some family members count as one)
- Shareholders who are individuals, estates or certain trusts and exempt organizations: no partnerships, corporations or nonresident aliens
- One class of stock (differences in voting rights are allowed)
Sources: IRS: About Form 2553 and the Form 2553 instructions.
Deadlines
| You want S-corp taxes starting | File Form 2553 |
|---|---|
| January 1, 2027 (calendar year) | Any time in 2026, or by March 15, 2027 |
| A brand-new LLC's first year | Within 2 months and 15 days of when it first had owners, assets or began business |
| Missed the deadline | It applies to the next year, or ask for late-election relief (below) |
Step by step
- Fill in Part I: the business name, EIN, address, the date the election should start, and the tax year (most small businesses use the calendar year).
- Get every owner's consent: each shareholder signs the consent statement. If you file before the start date, the people who own shares on the filing date sign; if after, everyone who owned shares from the start date through filing.
- An officer signs and dates the form. An unsigned form isn't treated as filed on time.
- Mail or fax it to the IRS address for your state (IRS: where to file Form 2553). Keep a copy and proof of the date sent.
- Watch for the IRS acceptance letter, usually within about 60 days. Keep it with your records.
If you missed the deadline
The IRS has a simplified relief procedure (Rev. Proc. 2013-30), generally within 3 years and 75 days of the date you wanted the election to start, if the only problem was filing late, you had reasonable cause and everyone reported income as if you were an S-corp. Write "FILED PURSUANT TO REV. PROC. 2013-30" at the top. A CPA can help here.
After you're approved
- Set up payroll and pay your salary at least monthly or quarterly, with taxes withheld.
- Register for state payroll accounts (withholding and unemployment) in your state.
- Check state rules: some states need their own election or charge S-corp taxes. See California and NYC.
- File Form 1120-S each year by March 15, with a K-1 for each owner.
- Track distributions separately from salary in your books.
Then set up how you pay yourself. Back to the LLC vs. S-corp guide.
FAQ
What is the deadline to elect S-corp for 2027?
For a calendar-year business, March 15, 2027. You can also file any time during 2026 for an election that starts January 1, 2027.
Does my LLC need to file Form 8832 before Form 2553?
No. An eligible LLC that files Form 2553 on time is treated as having elected to be taxed as a corporation, so one form does both.
How long does S-corp approval take?
The IRS usually sends an acceptance letter within about 60 days. Keep it with your records.
What if I miss the Form 2553 deadline?
The election applies to the next year, or you can request relief under Rev. Proc. 2013-30, generally within 3 years and 75 days, if you meet its conditions.
Sources: IRS: About Form 2553 · IRS: where to file Form 2553 · Form 2553 instructions (IRS) · Rev. Proc. 2013-30. General information for planning, not tax, legal or financial advice.