I have a big problem with my Corp S taxes


R

Rob Hanson

Hi,
Can anyone advice what is the best way to deal with my situation:
I have a Corporation S. I am the only employee. I need to file a return for
2002. This is the first time my Corp-S had any income. In the prior 2 years,
I filed "no business activity, because I had no income".
My biggest problems are that I used both, my personal and business bank
account to receive income in the form of wire transfer deposits. I also used
both personal and business accounts to pay for business expenses. I also
never paid Medicare, Fica and Social Security tax. I will most likely see a
tax professional to help me fix my problem, but I would like to know what
you think. What is the best way to deal with my situation. How should my
Income, Expenses be reported, and how to deal with the unpaid Employment
taxes. I will be extremely grateful for your thoughts.

Rob.
 
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W

Wayne Brasch

Rob Hanson said:
Hi,
Can anyone advice what is the best way to deal with my situation:
I have a Corporation S. I am the only employee. I need to file a return for
2002. This is the first time my Corp-S had any income. In the prior 2 years,
I filed "no business activity, because I had no income".
My biggest problems are that I used both, my personal and business bank
account to receive income in the form of wire transfer deposits. I also used
both personal and business accounts to pay for business expenses. I also
never paid Medicare, Fica and Social Security tax. I will most likely see a
tax professional to help me fix my problem, but I would like to know what
you think. What is the best way to deal with my situation. How should my
Income, Expenses be reported, and how to deal with the unpaid Employment
taxes. I will be extremely grateful for your thoughts.

Rob.
Go ahead and get to that tax professional NOW!

Wayne Brasch, CPA, M. S. Taxation
 
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R

Rob Hanson

Hi,
I know that the best way is to see the tax professional, but if you are the
one, what would you do to fix my problem and get my situation straight. How
would you file my Corp-S tax return for 2002?
 

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