S Corporations Payroll

[MLB]

I took over a family business 3 years ago and I am the only employee and President. I stopped using Paychex since I was not paying myself a regular salary so I did not file a W2 or 1099. We are trying to get a mortgage and they have asked for my W2s for the last 2 years. How can I go back and file a W2 for 2015 and 2014? I don't think I can use a 1099.

Thanks.

 

[DTA93433]

1. Register with SSA (Social Security Administration (Online). Submit W2's & W3's for 2014 & 2015. (There are penalties for filing late).

2. Get IRS account transcripts to ensure W2's are posted to your tax account.

3. + Amend 1040/State return(s) to show W2 income for both years. (Add 1040, Line 7/Wages).

4. - Amend 1120-S/State returns to show Salaries expense.(Less: 1040, Line 20/S-corp income).

5. File quarterly 941 (employment) tax returns for late payment/filing of missing quarters.(including State).

6. File 940 (unemployment) tax returns for late payment/filing of tax (including State)

This process is a lot more involved than merely issuing late W2's.