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https://www.thebalancesmb.com/what-is-a-reasonable-salary-for-an-s-corporation-officer-397939#:~:text=An%20S%20corporation%20officer%20%28president%2C%20chief%20operating%20officer%2C,each%20of%20these%20roles%20is%20separate.%201%20%EF%BB%BF
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-employees-shareholders-and-corporate-officers
Purported “loans” from S corporation to its sole shareholder, officer, and director, were wages for purposes of FICA and FUTA taxes. The loans were unsecured demand notes bearing no interest, loans were made entirely at the discretion of shareholder, and the shareholder regularly performed substantial, valuable services for taxpayer.
https://www.findlegalforms.com/articles/business/operating-s-corporation/officers-of-an-s-corporation
A single shareholder can act as both the sole director and the sole officer of a corporation in most states. The officers, however, even in this circumstance, still derive their authority from resolutions of the board of directors. Prudent businesses often require copies of the authorizing resolutions in the course of large transactions.
https://dennisassociates.com/2018/08/14/s-corporation-officershareholderowner-compensation/
The Tax Inspector General for Tax Administration and the U.S. Government Accountability Office believe unreported employment taxes of S corp owners can be in the billions of dollars. In August 2008, the IRS published Fact Sheet FS-2008-25, Wage Compensation for S Corporation Officers.
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporations
To qualify for S corporation status, the corporation must meet the following requirements: Be a domestic corporation Have only allowable shareholders May be individuals, certain trusts, and estates and May not be partnerships, corporations or non-resident alien shareholders Have no more than 100 shareholders Have only one class of stock
https://www.upcounsel.com/s-corp-ownership-rules
S corp ownership rules require that a corporation must meet specific criteria to be eligible and that the notification of the choice to be taxed as an S corporation be submitted in a certain timeframe to the Internal Revenue Service (IRS). S Corporation Ownership Rules Number of Owners A maximum of 100 shareholders is allowed in an S corporation.
https://www.upcounsel.com/s-corp-titles
S corporations start like other corporations in the United States — by filing the Articles of Incorporation with the respective Secretary of State office where the business is located. When filing the Articles of Incorporation, the person who files them designates the names of owners (shareholders) of the company. Roles and Responsibilities
https://www.thebalancesmb.com/what-is-a-reasonable-salary-for-an-s-corporation-officer-397939
An S corporation officer (president, chief operating officer, etc.) is considered an employee and payments they receive for their services as an employee are considered wages. This person is also an owner/shareholder but each of these roles is separate. 1 S Corp Officer Wages Must Be Reasonable
https://quickbooks.intuit.com/learn-support/en-us/reports-and-accounting/s-corp-officer-compensation-how-to-enter-owner-equity-and/00/798825
When setting up an owner's draw, you'll want to set it up as an equity account instead of an expense. Create a new account for the owner's draw and set it up as an Owner's Equity account. Inactivate the Compensation of Officers account if necessary. I take it that you've already entered the withdrawal as an Expense transaction.
https://www.irs.gov/pub/irs-news/fs-08-25.pdf
Wage Compensation for S Corporation Officers . FS-2008-25, August 2008. 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
https://www.irs.gov/businesses/small-businesses-self-employed/s-corporation-compensation-and-medical-insurance-issues
S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation before non-wage distributions may be made to the shareholder-employee. The amount of reasonable compensation will never exceed the amount received by the shareholder either directly or indirectly.
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