qbteachmt
Level 15

Other questions

@Jon Hunt 

You have to proceed Informed. This is something that is not recommended: "when I will probably issue only one check for the entire year and submit very few forms to the IRS."

 

A Corporation has the Requirement to pay you, the employee, payroll. You are not allowed to take Draws any time you want to from the corporation. The IRS would examine this Taking as 'in lieu of payroll' which is treated as "attempting to avoid payroll taxes." That opens your business up to penalties and interest.

 

As @QBsguru pointed out, you Have to Run Payroll. If you want to pay monthly, quarterly, or annually, or only on occasion, that's up to you, but you must follow the rules for Market Wages and you cannot take money, otherwise.

 

When you decide to do all of your own financial data management, you also need to learn and follow the regulations that apply to your Entity type and your relationship to that entity.

 

Payroll is something you never want to get wrong or make mistakes or have overlooked something. This is a Fiduciary Responsibility.