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Music hello and welcome today we're talking about form 2553 election by a small business corporation in this video we dive into why you would want to become an S corporation who should file the form 2553 and when you should file form 2553 now most corporations are considered AC corporation by default but many corporations are eligible to file form 2553 to become an S corporation in order to qualify companies must fulfill certain criteria and follow specific processes so let's take a look tip number one why become an S corporation it's important to understand why a corporation would want to become an S corporation small companies typically elect to become S corporation so that their net taxable income is taxed to the shareholders rather than the corporation itself this means that a small company can pass its income credits deductions and losses on to the shareholders for tax purposes income is then reported on shareholders personal returns and taxed at their personal tax rates and not subject to any corporate taxes C corporations on the other hand run the risk of being taxed twice both at the corporate and shareholder level when dividends are paid out tip number two who should file form 2553 with all the clear benefits why doesn't everyone would like to become an S corporation unfortunately not all small businesses can qualify for an S corp election in order to be eligible to be considered as an S corp a business must meet the following requirements the corporation must be domestic this means that they must do most if not all of their work within the United States the form 2553 has to be filed on time the corporation can have no more than 100 shareholders the corporation or eligible entity can have only one class of stock and the corporation cannot have any non-resident alien shareholders to see a complete list of the qualifications check out the IRS form 2553 instructions linked in the description box below so tip number 3 when should you file the form 2553 this is one of the most important details and often an unnecessary cause of frustration separate deadlines for form 2553 depending on if a corporation is new or existed previously new companies must file an S corp election within the first two months and 15 days following their initial formation this means that within their first 75 days as a company they must file if they want the S corp election to take effect in their first year of taxes for existing businesses the S corp election must be filed no later than two months and 15 days after the beginning of the tax year that the S corp election is to take effect so for 2021 this deadline is March 15th additionally existing businesses can file to 2553 any time before the tax year that the S corp election is to take effect a corporation that misses the deadline must wait to.