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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="Josie" data-source="post: 373570" data-attributes="member: 1792"><p>She didn't earn the money and has to pay it back, so it isn't taxable earnings to her. Her W2 needs to be amended so she doesn't have to pay tax on it. That means all of the year end payroll reports have to be amended.</p><p></p><p>To the company, it wasn't an expense. It should be recorded as a receivable. This part may not matter so much if the amount isn't large compared to the total financial picture. I worked in nonprofits so tax liability wasn't an issue. The IRS would definitely want its cut of the additional net income (since expenses were reduced). I'm not sure about that part.</p><p></p><p>We probably would have amended last year's payroll report and W2 but not the first 2 quarterly reports for this year. The adjustment could be included in the 3rd quarter report, like DDD said. It seems like too much would have been paid in so it isn't like you underpaid and need to pay in more.</p></blockquote><p></p>
[QUOTE="Josie, post: 373570, member: 1792"] She didn't earn the money and has to pay it back, so it isn't taxable earnings to her. Her W2 needs to be amended so she doesn't have to pay tax on it. That means all of the year end payroll reports have to be amended. To the company, it wasn't an expense. It should be recorded as a receivable. This part may not matter so much if the amount isn't large compared to the total financial picture. I worked in nonprofits so tax liability wasn't an issue. The IRS would definitely want its cut of the additional net income (since expenses were reduced). I'm not sure about that part. We probably would have amended last year's payroll report and W2 but not the first 2 quarterly reports for this year. The adjustment could be included in the 3rd quarter report, like DDD said. It seems like too much would have been paid in so it isn't like you underpaid and need to pay in more. [/QUOTE]
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Ohhhh boy, the HR doo-doo is going to hit the fan
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