TurboTax Business provides a general tip/warning as an Audit Alert: "In order to avoid a notice from the IRS or your state tax agency, be sure that the total payroll (including officer compensation...) reported on this tax return matches the total payroll reported on your payroll tax returns."
As a S-Corp, health insurance paid for by the company was added for me (a 2%+ officer/owner) late last year, and unfortunately I now see it was added too late so it's not reflected in the final W-2 submitted to the IRS by our payroll provider (Gusto), as it should in box 14. At my request, Gusto has now issued a new W2-C with this corrected and says they will amend the Q4 2019 company filings but that this process can take up to 20 weeks to complete.
Note: the health insurance is paid entirely by the company and does not otherwise impact the W-2 wages or payroll taxes.
Should I be concerned that this might trigger an audit? (i.e. that our corp return due Mar 15 won't yet exactly match previously provided payroll tax filings by our payroll provider, since health insurance was missing)
In this case, should I heed the Turbotax advice: "If these amounts are different, attach a statement to your return explaining the difference." If so, how do I do this? Can I still e-file?
Thank you!
