jeffmcpa2010
Level 11
04-15-2022
04:00 PM
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Have you considered the ramifications about payroll for the prior year, (presuming what you are asking might be possible, but I am not well versed in that area.) Would you be in a position of reclassifying a bunch of draws as Wages (in a corporation) and filing multiple amended state and federal payroll tax returns, all with late payments? You may need to run the numbers and see if after all that (and fees for preparing all those payroll reports) are you really ahead?
I'm not giving advice, just passing on the thoughts that went through my head.