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Form 940 for S-corp? |
I have my small business set up as an s-corp, I have no employees (but myself, if I am considered an employee) and I do not pay myself through payroll (I simply pay bills and then pay myself whatever is left over each month, which is never very much). Do I need to file form 940 for this business? Any help would be greatly appreciated. Thank you in advance. Yes you need to file Forms 940, 941and your state employment tax returns as well. As a corporate officer IRS requires that you pay yourself a reasonable salary which is subject to employment taxes. It sounds like you need to have a long talk with your tax professional about the proper way to take care of compensation and not become bait for an employment tax audit. |
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