Discussion:S Corp Officers no payroll

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Revision as of 19:54, 11 October 2009

Discussion Forum Index --> Tax Questions --> S Corp Officers no payroll

Jokadah (talk|edits) said:

11 October 2009
So I've been reading posts all mornining trying to find a difinitive answers. Here's the problem in 2008 S-Corp all three Officers took $25K as "draw" with no payroll. I've already spoken to them about payroll and they are all receiving payroll checks for all of 2009. In prior years they have taken $65K in wages. So I'm wondering if I should go back and amend payroll reports and issue them W-2s for 2008? I'm working on tax return now, it has not been filed nor have their personal returns. I'm afraid if I send in return with no officer wages that it will "red flag" them. Their income was in excess of $650K. My thinking is amend payroll reports now, pay the payroll taxes as it will be more costly if audit happens. Any advice?
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