At the end of 2016, I had a positive income and balance in my S-Corp account. If this money is considered as personal income for tax purposes, should I just transfer that amount over to my personal account? And if so, would that count as a distribution for 2016, or for 2017?
Does the corporation need the money for its ongoing business? If so, don't transfer it. If not, feel free. This decision has nothing to do with whether the corporation made money in any particular year.