Below is information about CORPORATE OFFICER TAXES from a variety of sources. Please take a look at the materials that our team has selected for you.
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-and-corporate-officers
When corporate officers perform a service for the corporation and receive or are entitled to payments, those payments are considered wages. The fact that an officer is also a shareholder does not change this requirement. Such payments to the corporate officer are treated as wages. Courts have consistently held S corporation officers/shareholders who provide more than minor services to their corporation and receive, or are entitled to receive, compensation are subject to federal employment taxes.
https://esd.wa.gov/employer-taxes/corporate-officers-FAQ
Some of the factors are the salary you pay the corporate officer, your corporation’s state tax rate and the total difference in wages among all employees (excluding corporate officers) between the federal taxable wage base ($7,000 as of November 2013) and the state taxable wage base ($41,300 for 2014).
https://www.michigan.gov/taxes/coll-audit/collections/corporate-officer-liability-frequently-asked-questions
Corporate Officer Liability (COL) refers to holding an individual (an officer, member, partner etc.,) of a corporation personally liable for unpaid tax debts accrued by a corporation. When a corporation fails to file returns or pay taxes due, the Michigan Department of Treasury, Office of Collections, will attempt to collect the debt from any individual who the Department has …
https://www.gyf.com/2017/09/payments-corporate-officer-subject-employment-taxes/
Corporate officers are considered to be statutory employees under the Internal Revenue Code. In addition, the particular taxpayer treated its officer as an employee by paying wages through a PEO and by withholding employment taxes.
https://esd.wa.gov/employer-taxes/corporate-officers
Exempted officers will not receive unemployment benefits if they lose their jobs. Corporate officers who are covered may receive unemployment benefits if they qualify. However, a corporate officer who owns 10% or more of the corporation or is a family member (WAC 192-310-190) of another corporate officer who owns 10% or more of the company may ...
https://www.legalzoom.com/articles/6-steps-to-filing-corporation-taxes
You must provide your shareholders with copies of their K-1 forms so they can report their share of the corporate income or loss on their personal income tax returns. C corporations file a corporate tax return on Form 1120. Shareholders then report any dividends they received from the corporation on their personal tax returns. 6. File Your State Tax Returns. …
https://ttlc.intuit.com/community/business-taxes/discussion/does-a-officer-of-a-c-corporation-have-to-report-all-compensation-for-payroll-tax-purposes-or-can-a/00/672234
1) Calculate your reasonable salary and run the payroll for 2019 (filing Forms 94x, W-2, etc.). This will be messy and will mean penalties on late filing and payment of taxes. 2) You can issue yourself a 1099-MISC, report it on Schedule C of your personal return. This is not an ideal way of doing it.
https://www.forbes.com/sites/stephendunn/2011/11/13/officers-personal-liability-for-their-companys-unpaid-taxes/
The taxing authorities will also assess the company’s taxes due personally against the company’s “responsible persons”—those who controlled the company’s available cash, and used it to pay debts...
https://www.irs.gov/pub/irs-news/fs-08-25.pdf
Corporate officers are specifically included within the definition of employee for FICA (Federal Insurance Contributions Act), FUTA (Federal Unemployment Tax Act) and federal income tax withholding under the Internal Revenue Code. When corporate officers perform services for the corporation, and receive or are entitled to receive
https://www.upcounsel.com/corporate-officer-definition
For an S corporation, an officer must be paid a reasonable salary for the duties he or she performs before profits are distributed. This salary can be justified by industry norms and cannot be simply a token amount to avoid payroll taxes.
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