Didn't issue payroll for your S Corp? Here's what to do. | Reasonable Compensation Workaround

Video Description

What to do if your business is taxed as an S Corporation and you, as the owner of the S Corporation, didn’t pay yourself reasonable compensation. Can you issue a 1099 in lieu of a W-2 and running payroll? In this video I cover: - Your 3 options if you didn’t issue payroll to yourself. - For the 3rd option, which is the option I recommend, I’m going to actually show you how to execute it by sharing my screen and showing you the tax forms and how to complete them. - I’ll also answer the question of, "Do you need to pay reasonable compensation if you didn’t take distributions?". - I’ll also answer another common question which is, "Do you need to issue payroll if your business wasn’t profitable?". 🔗Useful Links: Ready to save THOUSANDS in taxes? Enroll in my course here ➔ https://navimarajcpa.com 📁 Setup your LLC or Corporation for FREE: FileYourBusiness.com: https://www.fileyourbusiness.com/ Inc Authority: http://bit.ly/incauthoritycoupon IncFile: http://bit.ly/incfilecoupon ZenBusiness: http://bit.ly/zenbusinesscoupon If you learned something from this video, please like and subscribe and follow me on my various social media handles below. If you would like to contact me with a specific question, please visit my website or leave me a comment. Website: https://www.navimarajcpa.com Email: [email protected] Instagram: https://www.instagram.com/navimarajcpa/ LinkedIn: https://www.linkedin.com/in/navimarajcpa/ Twitter: https://twitter.com/NaviMarajCPA Facebook: https://www.facebook.com/Navi-Maraj-CPA-PLLC-107003020774608/ This video was created for informational purposes and it is not to be construed as legal and tax advice specific to your unique situation. Some of the links above are affiliate links which means that if you purchase a product or service with the provided link, I may receive a commission with no additional cost to you. © Navi Maraj CPA PLLC. All rights reserved. #reasonablecompensation #1099 #scorp