File an annual report for a Corporation, Not-for-Profit, or Limited Liability Company online. Incorporate a business or terminate an LLC.Fill out Form 2553 and submit it to the IRS to elect S Corp tax treatment. It requires just a few questions, but you might be tripped up on a couple of them. The requirement for an annual meeting lies in the legal, not tax, status of the business. To elect S corporation status, businesses must complete and submit IRS Form 2553. This form allows the entity to choose S corp tax status. The amount is due in the first quarter of every accounting period. An easy-to-read guide for how to file the Illinois Annual Report yourself. The owners may be issued stock certificates to serve as proof of ownership in the corporation.