Hey all, I'm new to the board and just started an s corp on 9/5 in New York state. I am the sole owner and sole employee. I will not be hiring an employee for the foreseeable future. I am wondering if anyone can help me understand what my tax responsibilities are for fed and state and how I go about fulfilling them. Thank you for any help!

basically, An owner of an S-corp might wear two hats. One is as the owner of the corp, entitled to receive a share of the net profits of the business. Oftentimes, the owner will also work for the corp, and thus be an employee of the firm. Thus an owner-employee of an S-corp can receive two different types of income: net profits (or losses) and salary income;unless the corp. takes losses, you, as a Shareholder-employee , are taxed on your wage income and on any profits distributed by the S-Corp.you need to issue w2 YOURSELF. Wages are subject to FICA payroll taxes.
The S-Corp will pay your share of FICA taxes of 7.65%, and you will pay the other share of FICA taxes of 7.65%.Profit distributions, however, are not subject to FICA payroll taxes; they are subject only to your income tax rate. So all things considered,you, as the shareholder-employee, will have a strong preference to pay yopurrself a minimal salary and thereby increase the profit distribution.
The IRS is fully aware of this situation, and they are actively seeking out S-Corps paying out below-average wages. The IRS has said over and over again that S-Corps must pay their shareholder-employees a "reasonable compensation" for services rendered to the company. So aslongas your biz is taxed as a corp then you would need to take some sort of salary on your w2. Your wages would be treated like any other employee. Same
reporting requirements. 941's w-2 etc. You may contact NYS dept of finance for more accurate info on your question.or you can contact a CPA/ an IRS EA for mor einfo in detail

S corporations