Business & farm

I am thoroughly confused as to which type of entity you actually have at this point @ ambitionz1993. Your accountant issued you W-2s, purportedly, but you are looking at Form 2553. So the issue is whether that form was or was not filed.

 

If Form 2553 was filed, then an 1120-S can be prepared and a K-1 issued. If Form 2553 has not been filed, it is now too late to make the election for the current tax year (absent relief for a late filed election - see link below). This now begs the question as to whether what you actually have is a C corporation.

 

https://www.irs.gov/instructions/i2553#idm139773190567344