topic S-corp - late on W-2 and withholdings in Business & farm

S-corp - late on W-2 and withholdings

laks7 — Mon, 23 Feb 2026 12:14:49 GMT

I selected S-corp for my sole member LLC for year 2022 late.

I paid myself by transferring $$ from business to personal account.

Do I issue a W-2 to myself? I am late on this.

I have not withheld any taxes/FICA/Social.

How do get out this mess? I am ok in paying penalties for delays but wouldn't want to create more issues.

TIA.

Re: S-corp - late on W-2 and withholdings

Mike9241 — Sat, 18 Feb 2023 08:22:53 GMT

seek the guidance of a tax professional but doing nothing at this point may be best.

Re: S-corp - late on W-2 and withholdings

DavidD66 — Wed, 22 Feb 2023 02:26:07 GMT

I would not issue yourself a W-2 at this point. One way to deal with a situation like would be to issue yourself a 1099-NEC for the amount you transferred from your business account to your personal account. You will then report that on Schedule C as part of your personal return. It's not the "correct" to pay yourself, and if you choose to do so, it should be the only time you do it. But by doing this you will be paying self-employment tax, which will cover the employer's Social Security and Medicare tax you did not pay due to no payroll. You can also do nothing, as suggested by Mike9241. Whatever you do, start to pay yourself as an employee in 2023.

Re: S-corp - late on W-2 and withholdings

laks7 — Wed, 22 Feb 2023 02:31:09 GMT

Hi All,

Thanks for all the responses.

I am in consultation with a tax pro /accountant. Shall update based on what they come up with.

Ty.