Hi,
I have a single member S-corp and I am the 100% owner. It has profits in 2019 due to which it had ~20k cash on its balance sheet.
However, in 2020 the business had 0 revenue, ~$100 in expense and I did not take any salary from it but I transferred $15K from business account which I guess will amount to distribution.
I have a couple of questions:
1) Do I need to file a business return?
2) Do I need to generate Schedule K1? if yes, will it impact my personal income taxes or is it mere reporting requirement.
Appreciate your guidance please - Thanks.
Thanks,
Nb
