I am a one man shop utilizing payroll via QuickBooks. For years things went well. When things get bumpy, payroll penalties interest and headaches are huge via local, state and federal entities.
What other methods are there for an owner of an S-Corp to get a salary without processing payroll, ie: simpler, cleaner, faster?
Regards,
Jeff
You cannot get a salary without going through the payroll process.
Wayne Brasch, CPA, M. S. Taxation
I think Joe meant get money out of the corporation.
"Joe" wrote
There are several payroll service bureaus that can help handle all the paperwork, for a fee of course. Check on the two national firms I know of, PayChecks and ADP. There are others of course, and you need to shop around. You can keep the fees down by having less frequent payroll periods, like monthly.
Not all of what you take from the company needs to be payroll, but a sufficient amount of it does.
If you don't have an accountant (CPA or EA) helping you, consider finding one. They also, may provide payroll services.
For the record, Paychex specializes in smaller entities whereas ADP will handle all. I did some price comparison recently and chose Paychex (although opted to do workmen's comp separately with a company to which I was referred by Paychex). Thus far, I am quite happy.
Agreed. If it looks like a duck, it's going to be a duck. If he is the sole owner of the S-Corp, he can get some out via dividends, but taking it all as dividends is going to raise some very big red flags.
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