S corp - income consideration

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03-07-2010, 11:12 PM

advscorp09 advscorp09 is offline

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Join Date: Mar 2010

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S corp - income consideration

Hi Gurus,
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

« How can an Employer avoid possible penalties and interest associated with Payroll Tax Returns? | Payroll taxes »

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