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Get your taxes done using TurboTax
A number of comments:
- First and foremost, you need to meet with a tax professional immediately. Not only will this help you for the issues you have noted in your post, but to potentially address correspondence from the IRS that most likely will arrive.
- You don't mention the effective date requested for the S corp, but I assume you requested 1/1/2024?
- As an S corp active shareholder, you will (are) be required to take a reasonable wage and the S corp needs to wihhhold the applicable withholdings; and then file and remit the applicable withholdings. This is a hot issue with the IRS.
- You also have the responsibility of providing your "clients" (health insurance companies) with an updated W-9 that reflects the EIN of the S corporation.
- While I could provide my thoughts on how to move forward, I believe you need to address this with a one on one with a tax professional where you can have a discussion on various alternatives and the risks involved with each. I would be skeptical that any of the health insurance companies will issue a new 1099 since you did not provide them with a timely updated W-9.
- I do recommend that when you do get paid, you review each company and send in an updated W-9 where applicable (immediately).
- Some states may require a copy of the IRS S corporation acceptance with the initial state tax return.
- Don't be pound foolish and penny wise with your fact situation. Meet with a tax professional.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
Also keep in mind the date of replies, as tax law changes.
‎October 20, 2024
10:52 AM
26,477 Views