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My husband is 100% shareholder and sole owner of an S-corp.

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hi my husband is 100%...
hi my husband is 100% shareholder and sole owner of an S-corp. His compensation listed on the company 1120S is 27000. The net income was a loss of $-2127. My problem is no previous taxes were paid on the 27000. What do i do
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
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Submitted: 1 year ago.Category: Tax
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3/16/2016
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4,714
Experience: 35 years tax experience, including four years at a Big 4 firm.
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Hi from just answer. I'm PDtax. I'll assist.

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Customer reply replied 1 year ago
ok thanks
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

There are a couple ways to fix this. You could file the 941/944 and 940 and pay. State taxes too.

I might suggest something to save some $$. Perhaps the wage should be decreased, which saves on the payroll taxes, interest and penalties. Depending on your history, you might be able to support a wage of $12,000, let's say. The payroll tax cost would be cut in half. And you could support the change due to the business losing money, and bring less able to pay his wage.

Thanks for asking at just answer. Positive feedback is appreciated. I'm PDtax.

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Customer reply replied 1 year ago
Is the 941/944 and 940 for the business or for us personally
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

For the business.

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Customer reply replied 1 year ago
what do we do about personal taxes
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

It depends on what you decide to do.

If the corp will full pay the payroll taxes, your personal returns can be filled with the w-2 and s loss you report.

If you decide to amend, hold of on filing personally until the amendments are filed.

Please rate my assistance when your questions are answered. I'm PDtax.

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Customer reply replied 1 year ago
we receive a K-1 for the loss and do not receive a w2 because we are the sole officer
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

Then how do you report his compensation of 27,000?

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Customer reply replied 1 year ago
not sure this our first year? I usually use turbo tax but having issues of where to report it
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago

I think we got off the track of your original question. This started as a w-2 and s corp question.

I'll be glad to help, but I think I need to offer consulting time via our premium service.

Accept, and I can help with both issues.

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Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
I am following up on my offer to assist. Please advise.
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Customer reply replied 1 year ago
No thanks spoke to my accountant
Tax Professional: PDtax, Certified Public Accountant (CPA) replied 1 year ago
I'll let site management know.
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