cancel
Showing results for 
Search instead for 
Did you mean: 
Mrfixit88
Level 1

covid-19 and owners salaries

our business is an s-corp and we take a monthly salary. 2nd quarter, we had very little business and have not taken a salary since. Did we still need to file a 941 even though we had no payroll? If so, can we file for 2nd quarter now? Also should we be paying ourselves something just to show we had some kind of income coming in? 

Solved
Best answer August 25, 2020

Best Answers
BigRedConsulting
Community Champion

covid-19 and owners salaries

- Yes, you need to file a 941 each quarter, whether or not you have any payroll to report.

- Since you're late, file the second quarter ASAP, just as you would have if you were on time.

- As the owner you don't need to pay yourself consistently if you don't want to.  (If you're a corporate shareholder "owner" there are rules that state you must take a reasonable salary, but I think they don't address the timeliness of that salary, only that is happens each year.)

View solution in original post

2 Comments
BigRedConsulting
Community Champion

covid-19 and owners salaries

- Yes, you need to file a 941 each quarter, whether or not you have any payroll to report.

- Since you're late, file the second quarter ASAP, just as you would have if you were on time.

- As the owner you don't need to pay yourself consistently if you don't want to.  (If you're a corporate shareholder "owner" there are rules that state you must take a reasonable salary, but I think they don't address the timeliness of that salary, only that is happens each year.)

View solution in original post

Mrfixit88
Level 1

covid-19 and owners salaries

Thank you BigRed

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up