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-   -   JE to Book Past Payroll Tax Payments (https://www.askmehelpdesk.com/showthread.php?t=173781)

  • Jan 18, 2008, 06:56 AM
    lucysmom
    JE to Book Past Payroll Tax Payments
    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
  • Jan 18, 2008, 11:00 PM
    delite
    If an adjsutment was made, journalize the expense and contra entry to reflect liability- (should detail employees name and soc.sec#.when making payment, debit liability and credit cash.

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