qbteachmt
Level 15
05-02-2020
03:38 PM
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"Any work around besides going through the w-2 mess? Reporting those wages on Schedule C? They might be willing to pay the SE taxes."
Uh, no. Your client is not self-employed. Basically, your client stole funds from the Corporation, a separate entity. Whoever is managing the Corporation should have known there needs to be payroll.
Tell your client there is no shortcut or relief from this severe of an error, and there are going to be penalties and interest and employer share of taxes and employee share of taxes to submit. And find out how many years that has been done.
I like to use the name "Enron" but in a whisper:
"What caused the collapse of Enron?
Greed caused the downfall of both the corporation by developing a system where no one was actually looking out for the good of the company. The hunger fueled executives to make decisions in their own personal interest, at the sacrifice of the company, which led to the Enron collapse."
and:
"The Enron scandal, publicized in October 2001, eventually led to the bankruptcy of the Enron Corporation, an American energy company based in Houston, Texas, and the de facto dissolution of Arthur Andersen, which was one of the five largest audit and accountancy partnerships in the world."
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
