What this notice is about We've accepted your S Corporation election per Form 2553, Election by a Small Business Corporation. What you need to do Keep this S corporation approval letter (CP261 Notice), in your permanent records. Timely file Form 1120-S, U.S. Income Tax Return for an S CorporationPDF, reporting income/loss for the S corporation including Schedules K-1 (1120-S), Shareholder's Share of Income, Deductions, Credits, etc.PDF, for all shareholders. Timely file all employment tax returns. You may want to If your address changes, submit Form 8822-B, Change of Address or Responsible Party – BusinessPDF, to ensure our records remain correct. Frequently asked questions Why is the effective date of the election different from what I submitted on Form 2553, Election by a Small Business CorporationPDF? You did not timely file Form 2553 for the effective date requested. Can I have the effective date changed? Relief may be available through Revenue Procedure 2013-30 within Late Election Relief. How do I request a private letter ruling (PLR)? The instructions for requesting a PLR are in the first Internal Revenue Bulletin of each calendar year. See IRB 2017-1PDF. Links that you may find useful S Corporations Form 1120S, U.S. Income Tax Return for an S Corporation S Corporation Compensation and Medical Insurance Issues S Corporation Employees, Shareholders and Corporate Officers S Corporation Stock and Debt Basis Special Rules for Health Insurance Costs of 2-Percent Shareholder-Employees (IRB 2008-2 Notice 2008-1) Publication 542, CorporationsPDF For more information on S corporations formed as a Limited Liability Company (LLC): Limited Liability Company LLC Filing as a Corporation or Partnership Reference Tools Publication 1, Your Taxpayer Rights Publication 5027, Identity Theft Information for TaxpayersPDF Full list of tax forms and instructions Need Help? You can authorize someone to contact the IRS on your behalf. See if you qualify for help from a Low Income Taxpayer Clinic. If you can’t find what you need online, call the IRS number at the top of your notice or letter.