My husband and I are the only shareholders of the s corp. It is our first year in business and never stablished a fix salary. During the course of the year we made transfers from our business account to our personal totaling 30k. I consulted with an accountant and was told it wasn't necessary to do W2 or 1099. Now I'm skeptical to filled our 1120S without salary and finding it difficult to report that 30k as income in our 1040. I did the K-1 but box 1 is showing 14K in set of the 30k we actually received. Please help. Thank you.
... View more