Anonymous
Not applicable

Business & farm

you are between a rock and a hard place.  amending to take a "2019" salary and pay the payroll taxes now will probably result in substantial penalties and interest.   you could request that the IRS abate penalties (by law interest can't be abayted) but that is up to the IRS. the other problem is that your S-Corp income is overstated by the amount of salary you should have taken.   This can result in an overstated QBI deduction (1040 - line 10)  so you would have underpaid your income taxes.

 

 

i agree with Critter but you may want to consult a professional who can give you an opinion based on the numbers that are on the returns.