S corp - income consideration
I have an S corp and have few shareholders. I opened a business checking account and used online Payroll to pay my share holders. The income for the S-corp is received via 1099-MISC. But all the income was deposited into the business checking and used as expense for payroll and taxes.
How will I report this income into the S Corp?
Thanks and regards.
A 2009 newbie S corp.
Last edited by advscorp09 : 03-07-2010 at 11:13 PM.
Reason: Self correction