Florida LLC elected S-corp
Hi,
I just came across your site (wish I found it earlier) and browsed through some useful information. I am a single member Florida LLC elected to be S-corp for tax purposes (I did form 2553 and IRS accepted the classification). I put myself on pay roll and paid reasonable salary every month. From June 2009, I took a permanent position and my business had no Income. I reduced number of hours from June and continued to pay myself a salary till end of 2009. posited all the IRS payroll taxes through December. I am confused now have following questions:
1. Which tax return should I file for 2009? My understanding is that I do a 1120S and K-1 for my distribution and report K-1 income on my personal return (Schedule C? or E?)
2. For 2010, I haven't done anything yet. I have no income, no employees and no payroll going on. I do not expect to conduct any business. Do I need to let DL Dept of Revenue or IRS about not having business income. Do I need to file any forms (lies payroll quarterly deposits etc)or cancel my LLC/S-corp election?
If I don't do anything do I get any surprises at the end of the year. Thanks for your help!


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