C-corp earnings and profits
Hi Tax Guru,
I have a C-Corp and made $70k in Gross Receipts. After COGS, and all the necessary expenses were accounted for I have taxes due on what was left over.
Do I have to report this 70K on my personal return as well or am I just reporting the net profit ( which is what is left after deductions) I personal took only $3000 for my personal, should I report this $3000 on a 1099-DIV?
Do I have put myself on payroll going forward?