Can S corp profit be calculated on a weekly basis? monthly?

Question

this would be in regard to distribution to shareholders

Answer 1

For tax purposes it is Yearly. For distribution purposes I would keep it at least monthly.

By doing it monthly you have a larger period of time to average the expenses and determine the profit.

Answer 2

Officially, it needs to be done annually. You can calculate profit daily if you want to, but using that for any kind of distribution wouldn't make much sense since the next day might be a loss and you'd be asking for money back.