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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4182
Experience:  Extensive Experience with Tax, Financial & Estate Issues
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My S Corp did not file a W2 forms for 2012 In January my

Resolved Question:

My S Corp did not file a W2 forms for 2012

In January my company was failing and I was focused on trying to keep things afloat to no avail.

I as President am the only one to receive a salary paycheck. There were just two checks of $1000 cut and the taxes were filed and sent in by my former bookkeeper. (I had to let him go as I could no longer afford them).

I am doing my S Corp Tax return in Turbo Tax for business and it mentioned that if the W2 forms hadn't been filed it could trigger an audit.

I am trying to find out what I need to do online and just got more confused.

Can you please give me direction on this and if so is there some sort of penalty I will have to pay for late filing?
Submitted: 1 year ago.
Category: Tax
Expert:  Stephen G. replied 1 year ago.

Stephen G. :

Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything that is not clear.

Stephen G. :

You will need to prepare & file the W2 now. Have you done payroll tax returns in the past?

Stephen G. :

I mean you personally?

Customer:

I did a hard copy 941 if that's what you mean?

Stephen G. :

In other words do you know what to do?

Customer:

Well to my knowledge all the 941's were filed for 2012

Stephen G. :

When you said only 2 checks of $1,000. were cut, do you mean for 2012?

Customer:

Yes.

Customer:

Gross amount before deductions

Stephen G. :

Well, then if all the 941s were filed, at least 2 of them had no wages.

Customer:

Right

Customer:

My concern is more with what I need to do about the w2's. I think you understand that....

Stephen G. :

So, then the actual checks weren't for $1,000., then correct?

Customer:

Correct. Seven Hundred and some dollars

Stephen G. :

OK, that's what was confusing me.

Stephen G. :

You need to complete & file the one W2 and transmit it to the Social Security Administration.

Customer:

Right. I just couldn't figure out how to do that.

Stephen G. :

If you haven't done this in the past, the simplest way to do this is online at one of the services that provide this service. or You'll need to go to a service bureau to get it done; the cost will be very low & if you aren't familiar with what to do & don't have a payroll program in place it will be very difficult for you to figure it out alone. Even the "type size" used is regulated.

Customer:

Oh no wonder I was confused.

Stephen G. :

Do you know if the annual 940 was filed?

Customer:

I don't think so.

Stephen G. :

You'll just need copies of the 941s in order to do the W2s.

Customer:

Any suggestions of an online service where I can file?

Stephen G. :

You need to get the 940 (Federal unemployment tax return) done or by the time the IRS catches up with you, you'll owe about 5 times what you would have owed (as little as $56. originally).

Customer:

Ouch!

Stephen G. :

I'm not supposed to recommend any specific services to you, but if I was going to do it myself, I'd just google "W2 preparation service". Let me try it for you. Hold on a minute.

Customer:

Ok

Stephen G. :

Here's one:

Stephen G. :

http://www.filetaxes.com/

Customer:

Ok thanks! I think at least I am headed in the right direction now. And I am glad you could help because I could have gotten into more of a mess! Thank You!

Stephen G. :

You may find that to gear up for this for one W2 isn't worth the effort on your part & if you go to a local accountant, he or she can do it for you very simply as we have programs that do it for us.

Stephen G. :

Don't forget to get the 940 done.

Customer:

Yes I was thinking about getting my old bookkeeper to do it because he knows my company and has reasonable rates.

Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 4182
Experience: Extensive Experience with Tax, Financial & Estate Issues
Stephen G. and 5 other Tax Specialists are ready to help you
Expert:  Stephen G. replied 1 year ago.
That's the best solution, I didn't know that was a possibility or I would have suggested it right from the beginning.

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Stephen G.
Stephen G.
Sr Financial & Tax Consultant
3648 Satisfied Customers
Extensive Experience with Tax, Financial & Estate Issues