We had an employee drop below a 2% shareholder stake in an S Corp but the payroll service didn't stop adding it to his paycheck for a few months in 2012. Consequently, his 2012 W-2 has an amount in box 14 that shouldn't be there. Other than paying the payroll service 100's of dollars to fix this, is there a way I can submit corrected paperwork myself? I tried to go online but the IRS site told me that I can submit amended w-2's only if box 14 isn't affected.
Or, can the employee just ignores the amount when submitting his taxes?
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.