What is best way to resolve failure to file tax returns for multiple years? Earned income through an S-corp but did not receive a salary and did not file a w-2.

Forum|Forum|4 years ago
July 7, 2022
12 replies
109 views

Can I file now and just treat income as distributions? Or should I file the w-2 late?

TurboTax Online

Best answer by Anonymous_

If you have not filed tax returns "for multiple years", then you need to consult with a tax attorney in your area.

See https://www.avvo.com/tax-lawyer.html

Anonymous_Answer

Level 15

If you have not filed tax returns "for multiple years", then you need to consult with a tax attorney in your area.

See https://www.avvo.com/tax-lawyer.html

xmasbaby0

Level 15

Each tax year is separate and must be prepared and filed separately using the forms for the specific tax years. You cannot combine past years into one tax return so do not even think about trying that. Each tax year has its specific tax laws too so it is very important to use the right tax forms for each tax year. If you are way behind in filing tax returns it will probably be best for you to seek local paid tax help.

What if I do not file my tax return?

https://ttlc.intuit.com/questions/2572308-what-happens-if-i-don-t-file-my-taxes

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Mike9241

Level 15

This is not a do-it-yourself project. you face substantial penalties for failure to file and failure to pay personal taxes and failure to file S-Corp return. My state requires filing a state S-corp return and imposes a tax. there are substantial penalties. your state could also assert penalties for failure to carry workers' compensation insurance and failure to pay unemployment insurance taxes. there is also the issue of failure to report compensation. I agree with @Anonymous_ you need a tax lawyer.

Mike9241

TomD8

Alumni - Champ

@bjm3819 --

Just to clarify:

Was it the S-Corp that failed to file. or you personally?

Did your S-Corp file its 1120S corporate tax returns each year? Did it issue Schedule K-1's to the shareholders? The S-Corp failure-to-file penalties are steep. See "Penalties for filing late" on this TurboTax help page:

https://turbotax.intuit.com/tax-tips/small-business-taxes/s-corp-federal-tax-filing-dates/L1U6tYGMt

Or is the issue that the S-Corp did issue Schedule K-1's to you, and you failed to report the K-1 income on your personal tax returns?

**Answers are correct to the best of my ability but do not constitute tax or legal advice.