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    lucysmom's Avatar
    lucysmom Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 18, 2008, 06:56 AM
    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
    delite's Avatar
    delite Posts: 202, Reputation: 3
    Full Member
     
    #2

    Jan 18, 2008, 11:00 PM
    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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