S-Corp Mahem Help Please Had many years of unfiled and unpaid taxes. Last January I hired a tax resolution firm. They set me up with an S-Corp and started things rolling to get me on an even keal with the IRS. They moved slow, charged me a bazillion dollars,then my business fell into a slump. Couldn't make my monthly payments to the tax firm, so they basically said screw you, we can't help you till you pay us,then they threatened collections on me. So I was on my own all year and eventually just lived in denial not having a clue what I was doing. I paid myself through a payroll service which cost me a fortune as well, so I stopped doing that and just started transferring funds from the business account to my personal account ignoring the whole tax part of it.
Yes , I know,very stupid, but now I need to know what I should do at this point. 1/5 of my income is on the w-2. How do I report the rest? My personal taxes are already a mess, so I want to at least keep the s-corp in decent standing, so If I have to take the hit on the personal side, so be it. I have no idea what I am doing, but I realize i need to do something. I don't understand 90% of the terms on the s-corp forms so any help would be appreciated. |