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Form Instructions 2553 Birmingham Alabama: What You Should Know

The date for electing a different tax year must be no later than the 60th day after the corporations first taxable year but no later than the first day of the corporation's second taxable year. The election shall be certified by the corporate treasurer. The corporation can be an S corporation the year you have elected to choose a new tax year, or it may be an S corporation the following year. The taxpayer may elect to adopt a different tax year for a period of 5 years. If a corporation elects a different tax year for a 5-year period, the corporation shall be an S corporation for a period of 5 years from the time it adopted that tax year. If the corporation is an S corporation for a period longer than this period, the corporation would be required to pay corporate tax on its income from sources inside or outside the United States on a net basis at the long-term holding period of the assets held in the S corporation's account. The corporation may elect to adopt a different tax year for a period more than 5 years. This would happen if the corporation had a 10-year holding period for its assets and elected to have that holding period increased by another year to a holding period for the period plus 10 years. If you make S corporation elections during a period of time, any time you elect to be an S corporation, the corporation becomes an S corporation for periods and under the tax laws for the period that includes your election. For example, if you make an election during the 3-year period beginning as of January 7, 2018, you will be treated as an S corporation for 3 years from January 7, 2019. (For more information about electing a different tax year see IRS Publication 917).

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