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Business & farm
Am I understanding this right? I'm a single-member LLC and I want to be taxed as an S-corp for 2021. I must have 2553 form filed by March 15th.
First, lets confirm I'm on the same page you are.
Bottom line is, for your 2020 taxes you are still a single member LLC and absolutely nothing will change that. Therefore it is not correct for you to have issued yourself a W-2 for 2020. Period. (But you very well may have issued W-2's for the 2020 tax year to other employees - but not to yourself.) I expect you are already aware of this.
So are we on the same page?
‎February 22, 2021
4:02 PM