To elect S-Corporation status, which form is filed with the IRS?

To elect S-Corporation status, which form is filed with the IRS?

• A. Form 2553
• B. Form 1120
• C. Form 941
• D. Form 1065

Answer: (A)

To elect S-Corporation status, you file Form 2553 with the IRS. This form is the official election document used to designate the corporation as an S-corp and is typically signed by all shareholders. When the election is accepted, the entity is taxed as a pass-through entity and generally files Form 1120S annually (the S-corp return) with the IRS, while the shareholders report their share of income on their personal returns. The other forms have different purposes: Form 1120 is for C corporations to report taxable income; Form 941 is the quarterly payroll tax return; Form 1065 is for partnerships to report income and allocations.

To elect S-Corporation status, you file Form 2553 with the IRS. This form is the official election document used to designate the corporation as an S-corp and is typically signed by all shareholders. When the election is accepted, the entity is taxed as a pass-through entity and generally files Form 1120S annually (the S-corp return) with the IRS, while the shareholders report their share of income on their personal returns. The other forms have different purposes: Form 1120 is for C corporations to report taxable income; Form 941 is the quarterly payroll tax return; Form 1065 is for partnerships to report income and allocations.