S-Corp Election 

An S-Corp Election is the process by which a qualifying corporation formally chooses to be treated as an S Corporation for federal tax purposes by filing Form 2553 with the IRS. This election must typically be filed within 2 months and 15 days after the beginning of the tax year in which the election is to take effect. 

The S-Corp election allows shareholders to report business income, losses, deductions, and credits on their personal tax returns, helping avoid double taxation and potentially lowering overall tax liabilities. It's often used by small, closely held businesses where profits are distributed to owners regularly.