Single Member LLC filing taxes as S-Corp

[sy102]

I have Single Member LLC filing taxes as S-Corp (changed tax filing category in Jan 2023).

I supposed to run payroll for myself since filing taxes as S-Corp.

I read that payroll is mandatory if filing taxes as S-cor. Due to some reasons, I forgot and never run the payroll in 2023. Please let me know if there is any alternative as per IRS guide lines. Shall I issue 1099-NEC for myself before end of Jan. Will there be any issues? Thanks!

[dmertz]

Your S corp must issue to you the late payroll payment and issue a 2023 Form W-2 that reports the amount.  You cannot report on Form 1099-NEC because you are not a non-employee.

[sy102]

Actually the payroll itself not setup in the last year 2023 to issue a late payroll. It is setup in 2024 couple days ago.

please share any link or guidelines how to issue a late payroll? Thanks for your help.

[DawnC]

The S-corp pays you (the employee), withholds taxes, pays the payroll taxes, and then can issue you a W-2 (before 01/31).    What are you using for payroll in 2024?