I'm an S-corp
You need to get with an accountant or tax professional yesterday, if not sooner. While you can be a W-2 employee of the S-Corp, your business is required to follow certain specific state and federal laws or risk some pretty hefty fines that your will "WILL" feel.
For example,
- you are required to submit quarterly tax payments to the IRS, as well as to your state if your state taxes personal income.
- You are required to submit a "yearly report" to your state's division of corporations each year, and there is a filing deadline on that report (In Florida, the deadline is May 1st and there are absolutely positively no extensions; not even for COVID-19)
- Corporate tax returns are due March 15th each year, (A full month before the personal return deadline). The late filing penalty is $200 per owner/member of the corporation, per month. There is no automatic extension for this under any circumstances, including COVID-19.
There are many, many other laws, rules and regulations that you must follow too, and you will be heavily fined for not doing so. So get with a professional ASAP, as the cost of professional help will seem like a pittance when compared to the potential fines and penalties you could incur.
I have seen a fair number of people go the S_Corp route without first educating themselves, only to end up bankrupt after getting all those fines and penalties assessed.Don't be one of those people.
