The one-page IRS tax election form which is filed to elect the S-Corporation status by a corporation or LLC within 75 days of the beginning of the calendar year or within 75 days of the business formation. Some states require a separate election. The company must have all individuals who are not existing as owners. It cannot have more than 100 owners. All owners must be U.S. citizens or permanent residents of the United States. S-Corporations file the 1120-S tax return for every year.