turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

bjm3819
New Member

Did not file multiple years with S corp income and no salary

What is best way to resolve failure to file tax returns for multiple years? Earned income through an S-corp but did not receive a salary and did not file a w-2. Can I file prior year tax returns now and just treat all income as distributions from S corp, or should I file W-2s late, or should I handle the income in Schedule C and ignore the S Corp (is that possible)?

x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies

Did not file multiple years with S corp income and no salary

duplicate post

Did not file multiple years with S corp income and no salary

First the 1120-S should be filed for every year the corporation is in operation.  Failure to take wages and file proper payroll tax forms needs to be corrected properly... however you could "pay" yourself as a sub contractor and  enter that income on the Sch C which would effectively accomplish the same thing and can be defended in an audit.  But going forward you should not rely on this method and you need to properly file the payroll tax reports, issue a W-2/3 and file the 1120-S timely. 

Did not file multiple years with S corp income and no salary

As others have posted to your other thread seek local professional assistance to clean up this mess correctly.  The longer you wait the worse and more expensive  it will get. 

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies