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Level 1

Paying taxes/payroll issue from manager to now owner

I recently purchased the business I have been running for the past 12 years. I have always had the fun task of payroll, paying taxes, etc. I have now been told that I cannot be on the payroll because I am the owner. How do I do this with Quickbooks or DOL, DOR? Do I create a new business entity for just myself for the reporting aspect? HELP PLEASE! Thank you.

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Community Champion

Paying taxes/payroll issue from manager to now owner

Is your business a partnership?  You just take the pay as a partner distribution.  Here is a great article on this subject from the Journal of Accountancy:  https://www.journalofaccountancy.com/issues/2014/aug/20149676.html

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