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LLC Officer can be paid salary, but then at year end since IRS does not recognize it

Debs_REIDebs_REI Member Posts: 11

since IRS does not recognize taxes being paid by LLC the salary paid to the Officer would result in overpayment of all payroll taxes and they would have to be adjusted at year end or as soon as adjustments can be made within the same period before the monthly or quarterly payroll taxes payments are made, right?

in Payroll & Employees Technical Support

Comments

  • Debs_REIDebs_REI Member Posts: 11

    Then at year end the salary net would have to be moved from his wages expense to his drawing account, right? the officers salary in the LLC dilemma.

  • Debs_REIDebs_REI Member Posts: 11

    So I am getting the idea that Wave does not do payroll tax liability adjusting entries, is that right?

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