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Old 03-28-2011, 06:35 AM
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Join Date: Oct 2009
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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?

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