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Stephen G.
Stephen G., Sr Income Tax Expert
Category: Tax
Satisfied Customers: 6239
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

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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?

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. and other Tax Specialists are ready to help you
That's the best solution, I didn't know that was a possibility or I would have suggested it right from the beginning.