I am a 100% owner of a S-Corp for a number of years now. I pay myself a reasonable wage and pay the remainder of the profits as a 16D distribution.
I noticed that Line H I have never entered any share information. My Articles of Incorporation do state 10k shares. Do I need to be entering 10k beginning and ending of each year?
I'm asking because if I enter 10k shares on line H then TT wants to insert a form 7203 within my 1040. I've never submitted this before. Is the IRS going to raise eyebrows now seeing this for the first time?
This is an IT services company so there isn't much value in the company. Do I need to go back all these years and calculate the basis?
Are the shares reporting on the 1120s K-1 required to be reported? Thank you.
