New
S Corp W2
I am doing the 2023 tax return for an S corporation. They have been around for 6 years, but this is my first time doing their taxes. They witheld and paid no Social security or medicare and filed no W2's.
There are 3 family members in the S corporation. Net income before payroll is $78K plus.
Last year they did withhold and issued themselves w2's but for very minimal amounts. Well below what I would recommend...25% of the net went to payroll.
My question is can I still file a w2 and make back payments on medicare and SS. From what I have, all of the income would be distributed to the owners for tax purposes with no salaries.
I know this will trigger the IRS. I'm just not sure what the best path to take is.
Thanks,
Tom
