Anthony C
Level 1
12-07-2019
08:58 AM
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SMLLC filing on Schedule C is on Payroll for the company. I file the W-2 in wages then include that payroll as normal on Schedule C so they are not double taxed for the SE Tax?
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IRonMaN
Level 15
12-07-2019
08:58 AM
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Schedule C owners don't get paid wages. Sounds like some amended payroll tax returns and an amended W-2 is going to keep someone busy for a little while.
Slava Ukraini!
Anthony C
Level 1
12-07-2019
08:58 AM
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Prior accountant never filed F2553 in 2016 so they did intend to be an S Corp. I am weighing different options at this point because filing the late election may not be feasible.
qbteachmt
Level 15
12-07-2019
08:58 AM
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What was intended 3 years ago is sort of moot, now. If they are not a corporation and are filing Sched C, you never have payroll for the owner.
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George4Tacks
Level 15
12-07-2019
08:58 AM
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Amend every payroll return and W-2 and leave the income as gross income on the Schedule C.
Here's wishing you many Happy Returns
