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Get your taxes done using TurboTax
@patmag wrote:
We did not have a payroll or W2. I am not sure what select in Business Info -> About Your Business tab under "Did You Pay Shareholders, Employees, or Contractors 2019?"
You would answer "No" to that question, but then note the "Audit Alert" on the following screen; S corporations must pay reasonable compensation to a shareholder-employee in return for services that the employee provides to the corporation.
You might want to seek professional guidance with respect to your S corporation income tax return. Further note that Form 1120-S was required to be filed by March 16th of this year (unless you filed for an extension on or before that date), so the return is now past due.
‎April 8, 2020
11:19 AM