My business obtained S-corp status this year. I typically do the W-2s myself. Should I switch to form 1120 for my employees?
Yes for 2019 it was effective at the beginning of the year. I should have done it in 2018, but didn't file the election in time.OldArmyBrent said:
1065 is a partnership return and the K-1s are different than the K-1s for an 1120S. Not sure what you're selecting here, but I would assume you want to be consistent with the s-corp return you're filing. Was the S election effective at the beginning of the year?
Maybe I am just dense (very possible) but I don't understand what you are meaning when you say "select." A W-2 is a W-2, whether issued by a partnership, C corp, or S corp.SmallBusiness said:Yes for 2019 it was effective at the beginning of the year. I should have done it in 2018, but didn't file the election in time.OldArmyBrent said:
1065 is a partnership return and the K-1s are different than the K-1s for an 1120S. Not sure what you're selecting here, but I would assume you want to be consistent with the s-corp return you're filing. Was the S election effective at the beginning of the year?
This is a question pertaining to the W-2 that I am providing for my employees. My CPA will do the K-1 for me, but for my employees, I think I am going to select the 1120 / 1120s option rather than the 1065 option.
30wedge said:Maybe I am just dense (very possible) but I don't understand what you are meaning when you say "select." A W-2 is a W-2, whether issued by a partnership, C corp, or S corp.SmallBusiness said:Yes for 2019 it was effective at the beginning of the year. I should have done it in 2018, but didn't file the election in time.OldArmyBrent said:
1065 is a partnership return and the K-1s are different than the K-1s for an 1120S. Not sure what you're selecting here, but I would assume you want to be consistent with the s-corp return you're filing. Was the S election effective at the beginning of the year?
This is a question pertaining to the W-2 that I am providing for my employees. My CPA will do the K-1 for me, but for my employees, I think I am going to select the 1120 / 1120s option rather than the 1065 option.