Hi Mike
yes, that is exactly what i was asking. I guess as others have pointed out, the IRS wont care much if you aren’t making any major amount of money and just surviving and if you do payroll or K-1. However, i think we have to file quarterly 941, so payroll once a quarter is minimum once the business starts making money. Yeah this is a one owner s corp. I guess once payroll is setup and if youre doing it yourself with qb desktop then payroll is not that tough.
Thanks to experts like you and others in this chain i am learning a lot.
one question i may need a separate thread on is reasonable pay and if it can be hourly for a one person S corp. I guess hourly reasonable pay is easiest to find and justify especially if i just resigned from a job and knew what i was being paid hourly
