What it is
A new corporation has legal steps, then tax steps with a hard deadline for an S election. This checklist keeps both on one page.
It covers formation, the S election with the Form 2553 deadline and shareholder consents, tax and payroll setup, and the annual calendar.
When to use it
- When incorporating a client.
- When a C corporation or LLC plans to elect S status.
- When a Form 2553 may be late.
What’s inside
- Entity facts table
- Formation and stock steps
- Election steps with the 2 months and 15 days test
- Tax, payroll and ongoing steps
Standard cited
This template follows Form 2553. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use.
Questions
What is the election deadline?
The IRS instructions say Form 2553 must be filed no more than 2 months and 15 days after the beginning of the tax year the election is to take effect.
Who must consent?
Each shareholder consents by signing and dating Form 2553 or a separate consent statement.
What if the election is late?
The Form 2553 instructions describe late election relief for reasonable cause, and say late filers write FILED PURSUANT TO REV. PROC. 2013-30 at the top of the form.
Related templates
- S Corporation Shareholder Basis Worksheet (Excel)
- LLC Formation and Tax Setup Checklist
- New Business Tax and Registration Setup Checklist
- Tax Advisory and Planning Engagement Letter
Last updated 11/06/2026. All free templates.