re: Unemployment question concerning LLC taxed as an SCorp

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My CPA has told me that we will not file any quarterly payroll returns until the end of this year because we have not filed taxes as an S Corp yet and don't have to until then or something like that so im guessing what you have said should still apply to my situation?

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If you get back to work and still file and pay before tax day (3-15 for us) they can still hit you with an underpayment penalty for not paying quarterly. My CPA is very strict about this. If you are registered with state you should get tax forms in mail for quarterly payments. Fed forms are online. I'd question your CPA about this. If they(state) send them to you, show them to him or let him know.

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I honestly cant wait to just denounce SCorp Election or dissolve the LLC alltogether. I believe it is too late this year but this will be the 2nd year in a row that I am having to pay over 2K to get my taxes done and it not benefiting me due to oil volatility.

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wow. mine are only a quarter of that. they are tax deductible expenses though! but if you are not making enough to deem it worth it, do what you need to do. I like my corporation. it is a tax life saver. you not only just save tons of self employment tax you would have as a sole proprietor on all income, you have more business deductions on the K1 company dividend/distribution side. Thus paying less income taxes on K1 distributions. Also the K1 income pays no payroll tax like the employee side.