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ExecSteGuide 0806.QED 8/18/2006 2:55 PM Page 1 EXECUTIVE SUITE GUIDE ExecSteGuide 0806.QED 8/18/2006 2:55 PM Page 2 ExecSteGuide 0806.QED 8/18/2006 2:55 PM Page 3 WELCOME BACK! Welcome back to your
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What is 255 pm?
255 pm stands for Form 2553, which is used by small businesses to elect S corporation status with the IRS.
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Small businesses that meet the IRS requirements for S corporation status are required to file Form 2553.
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Form 2553 can be filled out online or by mail, following the instructions provided by the IRS.
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The purpose of Form 2553 is to elect S corporation status, which can help small businesses save on taxes.
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Form 2553 requires information about the business, its shareholders, and the election of S corporation status.
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