No salaries for a domestic eligible entity to be classified as an association taxable as a corporation, should I insert a note to 1120? The reason there are no salaries is this business is just beginning and planning on utilizing it once the business gets up and running.
No, you don't need to include a note. It is very common for a new corporation to not have any payroll in the few year or two.
That being said, if you have a profit, you should start payroll as soon as it it is practical to do so. If you file three years with a profit and no payroll, you are very likely to be audited because of it.
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
