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Business & farm
Yes, you can still amend the C-Corporation return, however you cannot amend or correct payroll that did not occur in calendar year 2020.
The COVID-19 environment created challenges that are not yet fully understood.
As an owner of a Corporation running a 25% loss in this environment not paying yourself a salary may have been a prudent cost cutting business survival business decision.
When taxpayers refer to 'red flags' there are always individual facts and circumstances that the IRS evaluates if they review any individual case.
COVID-19 certainly presents many individual facts and circumstances for consideration.
March 2, 2021
9:50 AM