clacourte1
Level 3
02-11-2023
03:38 PM
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I have a new client who paid their 2021 personal fed & state income tax through their S Corp in 2022--how do I show this on the 1120S? Is it just shown as a distribution?
Thanks!
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sjrcpa
Level 15
clacourte1
Level 3
02-11-2023
04:08 PM
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Great, thank you!
qbteachmt
Level 15
02-12-2023
03:07 PM
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I have to ask about the significance of the amount(s). Is this one person and the only shareholder? Was it a significant amount relative to the payroll for that person? Do they understand why this was not the right way to pay taxes?
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clacourte1
Level 3
02-15-2023
02:56 PM
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Yeah, it's just one person/one shareholder. He's a new client and this is his first year as an s corp. I have a call scheduled with him to discuss the correct way to handle this moving forward 🙂
