What is the filing form for S corporation election?

The filing form for S corporation election is Form 2553. This form is specifically designed for corporations to elect S corporation status under Subchapter S of the Internal Revenue Code. By filing Form 2553, a corporation indicates its choice to be taxed as an S corporation, thereby allowing its income, deductions, and credits to pass through to shareholders, avoiding double taxation at the corporate level.

Form 2553 has specific requirements regarding eligibility and timing of the election. For example, all shareholders must consent to the election, and the form generally must be filed within a specific time frame to be effective for the current tax year.

In contrast, Form 1065 is used for partnerships, Form 1120 is the standard corporate income tax return for C corporations, and Form W-2 is used to report wages paid to employees, making them unsuitable for S corporation elections. Understanding the purpose of Form 2553 is crucial for businesses looking to take advantage of S corporation benefits, such as pass-through taxation.