S-Corp Hello,
I filing a 2017 1120-S tax return for a trucking company. They are a majority owner in an S-Corp. I am going back and amending their books so they receive a W-2 and pay payroll taxes. They have a lot of expenses they did not run through the company. Is it too late to include these in their books? They thought they could use a 1099-misc and add them on a Schedule C. Since they need to take a salary and cannot do that their AMT tax bill is huge. Any suggestions?
Could they pay themselves via a W-2 and also receive income as a Sole Proprietor? Then they could add these expenses on a Schedule C and not a 2106.
Thanks.
Last edited by Shaun22acct : 09-18-2019 at 02:05 PM.
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