- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
When you file as an S-Corp the officers ( Managing Members) are required to take a reasonable salary and that amount needs to be reported on Line 7 of your S-Corp return.
If you do not show compensation to S-Corp officers on Line 7 of your 1120S return it can trigger an audit.
The IRS is constantly increasing reporting requirements to have people be compliant.
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
March 8, 2020
7:07 AM