Reasonable Compensation: S-Corp owners must pay themselves a reasonable salary, which is subject to payroll taxes. This salary should be in line with what similar positions would earn in the market.

Payroll and Employment Taxes: As an S-Corp owner-employee, you’re required to handle payroll, including withholding federal income taxes, Social Security, and Medicare taxes from your salary, and paying the employer portion of those taxes.

Filing Form 1120-S: S-Corps must file an annual corporate tax return (Form 1120-S), which reports the business's income, deductions, and credits. You’ll also need to issue Schedule K-1s to shareholders for reporting their share of the profits on their personal tax returns.

Ongoing Record Keeping: S-Corps are expected to maintain proper records of business transactions, including meeting minutes for major decisions and proper documentation for salary payments and profit distributions.

Compliance with State Requirements: Depending on your state, you may need to file annual reports or pay state fees to keep your S-Corp in good standing.