New S Corp and I forgot to send in FICA taxes and file a W-2

Forum|Forum|3 years ago
February 15, 2023
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My business became an LLC (treated as S Corp) in August 2022 and I planned to pay myself $25,000, but never got around to calculating and sending in the federal income tax, SS and Medicare, or 941. And now I just realized I need to file a W-2 and that's past due. I might not owe federal because of my husband's withholdings from his job.

Should I just go ahead and send in the SS and Medicare owed using EFTPS, and send in a late 941, and then file my W-2 late, and THEN send in my tax return?

OR should I just file the W-2, saying I paid myself $25,000 and didn't withhold anything, and they will just calculate what I owe and make me pay it, with some late fees?

I'm at the end of my return and ready to send it, just need to figure out these late payments of the taxes. I think the lateness is calculated by week, so I want to do this ASAP, like today!

Cynthiad66

Exactly. You still should submit all of the required documents, although late. First year do it right so that you can stay right. Filed the required documents now for all of the payroll taxes. IRS will figure all of the penalties and bill for that later.

Once you submit those payroll withholdings to IRS, give it a few days before filing your tax return accurately using the W-2.

The late payment penalty is 0.5% of the tax owed after the due date, for each month or part of a month the tax remains unpaid, up to 25%. You won't have to pay the penalty if you can show reasonable cause for the failure to pay on time.

IRS: Failure to Deposit Penalty

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