So far I have been doing payroll using gusto. Now since there is no income coming to my business, can i just stop payroll? do i need to inform state and federal govt about this?
In the case where there is no income, a salary does not have to be paid, but you do not need to notify the state or federal government that you are not paying yourself a salary.
Thank you. Just to clarify I do not have to inform state or fed about no salary that I am earning. So no paperwork or process to go through this event
if your state charges substantial fees for having the corp - franchise taxes or similar taxes or fees and you don't think the company will be revived, perhaps liquidate it to save on the fees and the cost of filing a return. You would need to file papers with the state and IRS but in some states the annual cost for an S-Corp is over $800 in others it's $40.