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Level 2
December 7, 2019
Solved

C Corp hasn't taken salary, personal income options.

  • December 7, 2019
  • 1 reply
  • 12 views

A client came to my office, he has a C Corp but hasn't been taking a salary. He has withdrawn money from the business. In previous years a preparer filed his income taxes and business income under a Sch C, so the corporation hasn't filed in years. What would be a practical way to solve this for this year? How do we get income from the company to him for 2018 so he can file his personal tax return? And of course he'll have to correct the situation for 2019.

Thank you

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Best answer by IRonMaN

W-2 and file some late payroll tax returns

1 reply

IRonMaN
IRonMaNAnswer
Level 15
December 7, 2019

W-2 and file some late payroll tax returns

Slava Ukraini!
llunaevoAuthor
Level 2
December 7, 2019
Can we do a single 4Q payroll return and include the entire salary in it? Thank you