How to file a LATE S Corp Election by completing Form 2553
In this video I show you how to prepare and file a late S Corp election using Form 2553. I'll walk you through the form step by step and give you some insights on things to keep in mind when executing the late S corporation "strategy". Please, and I can’t stress this enough, watch this particular video in its entirety because I’m going to cover some important details after I show you how to complete the form.
IMPORTANT: If you live in a Community Property State, your spouse is required to be listed on Page 2, Part 1. The recommended process would be to list the consenting spouse (name, address, SSN) as a shareholder on page 2, but next to her name indicate, “consenting spouse.” And in the ownership column then list their individual ownership as 0% or N/A and date acquired as N/A. I don't cover this in this video but I DO cover it in the "How to fill out IRS Form 2553 (Timely)" video which is linked below.
📺 How to file TIMELY S Corp election video: • How to Fill out IRS Form 2553 | S Cor...
IRS Form 2553: https://www.irs.gov/pub/irs-pdf/f2553...
IRS Form 2553 Instructions: https://www.irs.gov/instructions/i2553
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