Getting Started with S-Corp Officer Payroll Set up

We have found that many s-corps were set up based on the direction of the officer's CPA & the officers have varying understanding of how/why they must set up a payroll for themselves vs. how they may have operated in the past. This is particular true for entities that were converted from a sole-proprietor or LLC that didn't complete an s-election prior. Your CPA as you adviser likely explained the added requirement of setting up an s-corp to you, but just in case here is a general refresher to help explain some of the FAQ's.

1. Why do I need to report my officer payments as payroll/W2 wages?

2. What is reasonable compensation?

3. Do I have to pay unemployment insurance?

4. Do I need worker's comp now?

5. What is the 2% health premium reporting requirement?

6. What taxes & returns does ASAP file for me to keep me compliant?

7. What do I rely on my CPA for vs. what I rely on ASAP to handle?

8. What do you need from me to get started?

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