Which IRS form is used to elect S Corporation status?

To elect S Corporation status, a business must file Form 2553 with the IRS. This form is specifically designed for corporations to indicate their intention to be classified as an S Corporation under Subchapter S of the Internal Revenue Code. This election allows the corporation to avoid double taxation on corporate income by passing income, deductions, and credits through to shareholders, who report this information on their personal tax returns.

Form 2553 requires essential information such as the corporation's name, address, the date of incorporation, and the name and Social Security numbers of shareholders, among other details. It's crucial to file this form timely, as specific deadlines are associated with S Corporation elections, particularly in relation to the start of the tax year.

The other forms listed serve different purposes: Form 1120 is the standard income tax return for corporations, Form 8832 is used for entity classification elections, including checking the classification of a business entity as a corporation, and Form 1040 is an individual income tax return form used by individuals. Thus, they do not pertain to the S Corporation election specifically.