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What is the deadline to elect S corporation status?

An eligible business generally must file Form 2553 either during the tax year before the election will take effect or within 2 months and 15 days after that tax year begins. For an existing calendar-year business seeking S corporation status starting January 1, the deadline is typically March 15. That date's just an example, though: it shifts if the business runs on a different tax year, and it can roll forward when it lands on a weekend or holiday. This is a general rule, not a personalized due date, and this page won't calculate a specific business's deadline for you. Check the current IRS instructions for Form 2553 to confirm your timing.

How does the deadline work for a newly formed business?

A newly formed business seeking S corporation status for its first tax year generally must file Form 2553 within 2 months and 15 days after that tax year begins. The IRS treats the first tax year as starting on the earliest date the business has an owner, has assets, or begins doing business. So, the deadline may not be based on the date the business was legally formed.

How do I make an S corp election with the IRS, and which form is used?

You make the S corp election by filing IRS Form 2553, Election by a Small Business Corporation, with consent from all required shareholders. The form asks for basic entity details, the effective date you want, and shareholder signatures. People typically file it by mail or fax, and the correct IRS address changes from time to time, so look up the current Form 2553 instructions before you send anything.

The election is purely a federal tax classification. It doesn't create a new legal entity, and it doesn't change how an LLC or corporation is organized under state law.

Does my LLC or corporation need to meet certain requirements before electing S corp status?

Yes. A business has to clear certain eligibility hurdles first. Broadly speaking, the entity needs to be domestic, the S corporation rules cap how many shareholders you can have and what kinds, and you're limited to just one class of stock.

An LLC may be able to elect this tax treatment, but whether it can depends on its particular facts, such as who its owners are and how ownership interests are structured. An LLC that files Form 2553 is treated as if it also chose to be taxed as a corporation for federal purposes, and it's stuck with the same timing rules.

Some states run their own election requirements or tax S corporations differently altogether, so what works federally might not line up with what your state expects. Because eligibility hinges on specifics, check the IRS instructions or talk to a qualified professional rather than just assuming your business qualifies.

When does an S corp election take effect, and does it apply to the current tax year?

Generally, the election kicks in at the start of the tax year it's filed for, as long as Form 2553 gets filed on time for that year. A timely election ties to the beginning of a tax year, never the middle. For an existing business, filing inside the window described earlier backs up your requested effective date, including the current tax year. File late, and the election usually gets pushed to a later tax year, unless the IRS grants relief.

Filing on time doesn't automatically mean the IRS accepts the election. The IRS typically sends a notice saying whether it accepted or rejected it, though the timing on that varies. Hold onto copies of everything you filed, along with proof of when and how you sent it, and follow up with the IRS if you haven't heard back.

Once accepted, the election generally sticks year after year. You don't need to renew it. It can end, though, if you revoke it or if the business stops meeting the eligibility rules, so check the IRS guidance again if your ownership or structure changes.

Can I still elect S corp status if I miss the deadline?

Sometimes, yes. The IRS has late-election relief procedures, including Rev. Proc. 2013-30, which covers certain late-filed S corporation elections. Relief isn't guaranteed and comes with conditions, so don't treat a missed deadline as no big deal. Keeping track of tax deadlines and reporting in the first place goes a long way toward avoiding this problem entirely.

Broadly, this relief requires you to show reasonable cause for filing late, demonstrate consistent reporting by the entity and its shareholders, and file within a set window. The exact conditions live in the current IRS instructions for Form 2553 and in the revenue procedure itself, so lean on those official sources rather than any summary, including this one. Whether a given situation qualifies comes down to the specific facts involved.

When might a small business owner talk to an attorney or tax professional about an S corp election?

Consider speaking with an attorney or tax professional anytime a timing or eligibility question doesn't have a clean answer.

A few situations come up often:

• You're not sure when your first tax year actually began
• The deadline might have already slipped by
• Something about your ownership structure or class of stock raises a red flag on eligibility
• State rules or state tax treatment could throw a wrench into things

A professional can dig into your specific facts in a way a general explainer like this one just can't. And whether to elect S corporation status at all is a separate, fact-specific decision that this page doesn't address.