Compensation For Officers
Description
How to fill out Proposed Compensation Program For Officers And Certain Key Management Personnel?
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FAQ
When corporate officers perform services for the corporation, and receive or are entitled to receive payments, their compensation is generally considered wages. Subchapter S corporations should treat payments for services to officers as wages and not as distributions of cash and property or loans to shareholders.
Distributions and other payments by an S corporation to a corporate officer must be treated as wages to the extent the amounts are reasonable compensation for services rendered to the corporation.
When total receipts from page 1 on Form 1120, U.S. Corporation Income Tax Return are $500,000 or more, Schedule 1125-E, Compensation of Officers will calculate. If total receipts are less than $500,000, the Schedule 1125-E won't generate, but the compensation total will still appear on Form 1120, page 1, line 12.
To enter officer compensation for each officer: Go to the Input Return tab. From the left of the screen, select Deductions and choose Deductions again. Select Officer Compensation. Enter the Amount of compensation for each officer.
Officer Compensation means, as applied to any Guarantor, the sum of all amounts paid to or for the benefit of such Person and his immediate family by Borrower for (a) salary; (b) bonuses; (c) pension and/or profit-sharing contributions; (d) automobiles, including without limitation automobile allowances, lease and/or ...