How to reflect S-corp owner personal use of company vehicle on S-corp tax return IF it was NOT included on the W-2.
S-corporation 50% shareholder used a company owned vehicle. The payroll person/company did NOT include the value of the personal use of the vehicle on the s-corp owner's W-2 for 2022.
I realize one way to correct this is to prepare and issue a corrected W-2 to this shareholder that properly includes the value of the personal use of the company vehicle.
Is there another way to reflect the personal use of the vehicle on the S-Corp tax return and resulting K-1 to that shareholder instead of issuing a corrected W-2?
Thanks in advance for your help!
