Level 1

CARES Act

Forum|Forum|6 years ago
April 9, 2020
3 replies
8 views

Is there any relief for shareholder of an S-Corp who have K-1 income and no payroll?

This topic has been closed for replies.

BobKamman

Level 15

Fewer IRS audits, probably, to assess payroll taxes because they aren't paying themselves a reasonable salary.

Just-Lisa-Now-

Intuit Community Champion

They would probably want to speak with a banker/lender to see if they qualify for any of the loans or grants available out there....or there are tons of CE webinars out there explaining the programs available, but you'd still want to work with a lender to apply.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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lfallin

Level 3

From what we have had client's telling us, we have provided the income from their K1 and they can get 50% of the profit of the business or their income, which is the amount on the K1. That is what some of our client's are telling us, they also said their distributions counted as their payroll.

qbteachmt

Level 15

"That is what some of our client's are telling us, they also said their distributions counted as their payroll."

An S corp shareholder that has no payroll seems more like an investor, not Payroll as a shareholder-employee. Anyone who counts their Distribution as Payroll doesn't understand Payroll.

Where in CARES does it state people can start to get stupid about the regulations?

Don't yell at us; we're volunteers

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lfallin

Level 3

I am so glad we are not the only people who are having "stupid" show up out of the woodwork. They definitely don't understand payroll!!

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