Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 03-09-2011, 12:41 AM
Junior Member
 
Join Date: Mar 2011
Posts: 1
Unhappy 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.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.