Hey all, absolute novice small business owner here. Here’s the gist of it, I am speaking with a CPA to sort this out but also wanted to hear from the community:
- Started my company as S-Corp beginning of the year.
- Didn’t know what my profits/revenue would look like so I didn’t officially start payroll until June.
- However as I’m paying the expenses it looks like I could’ve done payroll starting in the beginning of the year.
Would i be able to do a “catch up” payroll to make sure I hit the S-Corp “reasonable compensation” requirements?
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