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R. Klein, EA
R. Klein, EA, Enrolled Agent
Category: Tax
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Experience:  Over 20 Years experience
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I have an employe that I am going to terminate. They have outstanding

Resolved Question:

I have an employe that I am going to terminate. They have outstanding loans, from the company, that exceed the gross amount of compensation. The loans were given without taxes. I relize that I will end up losing money on the deal. So, After taxes on the money the companies owes them, can I zero out the net pay completely without any repercussions? And how would enter this information on quickbooks to show a loss to the company?
Submitted: 1 year ago.
Category: Tax
Expert:  R. Klein, EA replied 1 year ago.

Randalltax :

Thank you for contacting me about your Tax issue. I will work hard to help you understand the issue clearly.

Randalltax :

Create a final paycheck and compute the NET amount owed after taxes. Then, add to the paycheck a deduction item that goes to reduce the amount of the employee loan in the same amount of the net. This will bring the final paycheck to zero net due.

Randalltax :

The remaining balance of the employee loan will be written off. You will need to do a general journal entry to reduce the remaining employee loan balance and increase an expese called "Bad Debt expense"

R. Klein, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 2879
Experience: Over 20 Years experience
R. Klein, EA and 3 other Tax Specialists are ready to help you

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