I know I need to file 1040 for my personal income, with part of income as wages and part on form K1. I know my business needs to file for 1120S, showing wages paid and final profit matching whats reported on the personal K1. I know I should have filed 941 quarterly. Didnt. Since I was not an S-corp until June. I did make quarterly payments as an individual under EFTPS system, as 1040 estimated taxes. Should I file 941 now and treat those payments as if they were soc. med. and Fed withholding for my 1 employee (myself) and then issue late W2 as well? Or will this set off red flags? Or just say screw it and consider all my earnings as non wage distribution since this is my first year as a corporation and I choose to not pay myself a salary. Gross profit of the business after deductions were under $70k.
