I need to know the journal entry to book a 941 Payroll tax payment for previous years taxes after an audit.
There is no outstanding balance in my payroll tax liabilities accounts - because the accountant from last year must have made an adjusting entry.
I increased the Line-of-Credit in 2007 to borrow money to pay taxes for 2005 and 2006.
My company is an LLC (cash basis).
Thanks
Sue