When do I need to start paying payroll tax for the payments I make from my business to myself (Federal & Maryland)? I am the only owner of the business. The s-corp election was made in August (within 75 days of forming), but the effective date is July 1, when the LLC was formed.
Do I need to retroactively pay payroll tax for any money I paid myself, or is it only going forward after the s-corp election is made? Are there going to be penalties since it's technically late, even though I just formed?