Businesses
S corporations, partnerships, C corporations, and the entity filings that go with them, including the K-1s owners need and what a late return costs.
Payroll for a one person S corporation
One employee still means real payroll: quarterly returns, an annual return, deposits on a schedule, and a W-2 by 31 January. Each carries its own penalty.
Reasonable compensation for an S corporation owner
The saving that makes an S corporation attractive is the same thing that creates its largest risk. The figure has to be defensible, and documented at the time.
Reading your K-1, and what to do with it
You are taxed on your share of the profit whether or not any of it was paid out to you. The basis figures decide whether a loss is usable at all.