The question of owner’s compensation is a hot issue for small businesses paying taxes as either an S-corporation or a C-corporation. When the business files taxes as a corporation, the owner must also be paid as an employee. Not only is the owner the investor, s/he is also an employee. For the purposes of this post, let’s assume the business is filing as an S-corporation.Creating a compensation plan for your employees is hard enough, what should you consider when d […]
BELOW GROUND
You have little to no engagement with your accounts.
The qualifiers.
- No vendor relationships, you resell retail products
- No differentiation between cost of good and expenses
- You digitally submit and approve time cards
- No collection of sales tax
- Late payments on account (tax return is in arrears, late loan repayments)
Some big (and simple) changes would reshape your position but you’re gonna want to take action pretty quickly.