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!
Best Answer Click here
Great, thank you!
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?
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 🙂
You have clicked a link to a site outside of the Intuit Accountants Community. By clicking "Continue", you will leave the community and be taken to that site instead.