IRS Form 2553 is the form a corporation or eligible LLC files with the IRS to elect to be taxed as an S corporation. This election can allow business profits and losses to “pass through” to owners’ personal tax returns instead of being taxed at the corporate level.
In 2026, a Florida LLC can generally reduce self-employment tax by electing S-corp tax treatment and paying the owner a “reasonable salary” subject to FICA while taking remaining profits as distributions. Florida’s lack of a state personal income tax makes the federal payroll tax planning around S-corp status especially impactful for owner-operators. This article explains […]
Florida LLCs can elect S corporation tax status by filing IRS Form 2553—typically within 75 days of formation or by March 15 for a calendar-year entity—without changing the LLC under Florida law. In 2026, the biggest risks are late/invalid elections, ineligible ownership, and payroll and accounting missteps that invite IRS reclassification. This article explains the
Converting a Florida LLC to be taxed as an S‑corp in 2026 is usually done by filing IRS Form 2553 within 75 days of the intended effective date (or within 75 days of forming the LLC) to avoid late‑election penalties. Florida law generally does not require “converting” the entity to a corporation—most owners keep the
An S corporation is a corporation that elects IRS “S” status so profits and losses pass through to shareholders and are taxed once at individual rates. It offers corporate limited liability while avoiding C corporation double taxation if eligibility rules are met. This article explains S corp basics, taxation, requirements, and key pros/cons. Understanding S
What is an S corporation? Read More »
