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The Watercooler
Ohhhh boy, the HR doo-doo is going to hit the fan
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<blockquote data-quote="busywend" data-source="post: 373317" data-attributes="member: 391"><p>In no way, shape or form should you bear the cost of rectifying this correction. It is part of buisness expenses and just comes with the territory, in my humble opinion of course. </p><p> </p><p>The biggest problem with the situation is that the employee could leave before fully paying you back. Especially, if she forsees getting a reduction in pay - not to her real pay but even less. I think this is where the biggest potential loss is. Can she keep working full time now? At least that way she can pay back quicker. </p><p> </p><p>I am not sure about the restating back through last year. It is possible they P&L will have to be restated so the correct tax implications can be known. It depends on if the company is profitable or not. However, it was an expense last year, it was paid out. Not sure you can justify reversing that since it was actually paid out. Now, reversing as the payments come back in from her makes sense.</p></blockquote><p></p>
[QUOTE="busywend, post: 373317, member: 391"] In no way, shape or form should you bear the cost of rectifying this correction. It is part of buisness expenses and just comes with the territory, in my humble opinion of course. The biggest problem with the situation is that the employee could leave before fully paying you back. Especially, if she forsees getting a reduction in pay - not to her real pay but even less. I think this is where the biggest potential loss is. Can she keep working full time now? At least that way she can pay back quicker. I am not sure about the restating back through last year. It is possible they P&L will have to be restated so the correct tax implications can be known. It depends on if the company is profitable or not. However, it was an expense last year, it was paid out. Not sure you can justify reversing that since it was actually paid out. Now, reversing as the payments come back in from her makes sense. [/QUOTE]
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Ohhhh boy, the HR doo-doo is going to hit the fan
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