Not as you indicate.
It sounds like you are investors or partners. The business might be a partnership or multi-member LLC, in which case you are passive partners. The partnership must file a 1065 partnership return, and issue the payments on a K-1. Or, the business might be an S-corporation, where you are shareholders but don't actively participate. In that case, owners who do participate receive a W-2 for their wages, and any extra income is paid as dividends to the shareholders. The S-corp files a form 1120-S tax return and the shareholders get a K-1 for their profits. The K-1 goes on your personal tax return.
You and your sons need to file extensions ASAP, and then get professional tax help.
