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of 8821/2848’s›Exception:

S Corporation Applicants

Internal Revenue Manual Part 21. Customer Account Services · 2026-10-03 edition · updated 2026-10-04 · United States

Pursuant to IRC 1362(a) and IRC 1362(b), an eligible corporation may elect to be a S corporation by the filing and acceptance of Form 2553, Election by a Small Business Corporation. S corporations must file a Form 1120S, U.S. Income Tax Return for an S Corporation. The filing requirements on 1120S filers' entity modules are shown as 1120-02 on CC INOLE or ENMOD.

The maximum number of shareholders in a S corporation depends on the tax year in question.

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▸Contents — Internal Revenue Manual Part 21. Customer Account Services
Internal Revenue Manual Part 21. Customer Account Services

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