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QUESTION
I formed a single person LLC (taxed as S-Corp) last August and due to bad advice, failed to run payroll to pay myself any income.
I formed a single person LLC (taxed as S-Corp) last August and due to bad advice, failed to run payroll to pay myself any income. Now, I'm not sure if I can retain all the business earnings from last year in the corp or if I can run payroll this late. Also needed to know how this impacted my ability to contribute to an SEP IRA for 2014.
