Filing Form 2553 in North Miami: The S-Corp Election Deadline You Can't Miss
Form 2553 is a 3-page election that can save North Miami business owners five figures a year. Here's when and how to file it correctly.
The deadline
For the election to take effect this tax year, file within 2 months and 15 days after the year begins — so March 15 for calendar-year businesses.
Late election relief
Missed the deadline? Rev. Proc. 2013-30 allows retroactive S-Corp status up to 3 years and 75 days late with a reasonable-cause statement. I file these regularly.
Requirements to qualify
Domestic LLC or corp, 100 or fewer shareholders, all shareholders US citizens or residents, only one class of stock, non-restricted business type.
Filing process
Fill out Form 2553, all shareholders sign, mail or fax to the appropriate IRS service center. IRS responds in 60–75 days with acceptance.
After acceptance: payroll starts
You must run yourself real payroll. Set up Gusto or ADP. I coordinate with a payroll provider for every North Miami S-Corp I file.