Hello, first post here. Nice to meet you all.
Our company has an official incorporation date of July 1, 2015. Taxes on wages payed up until July 24, 2015 were deposited by our payroll servicer under the EIN of the previous entity, a sole proprietorship. Bookkeeping for the new company started on July 1, 2015. Should the wages up until July 24 be recorded in the books of the sole proprietorship or the corporation? If under the sole proprietorship, then for the corporation how should I account for paying those wages? Should I just change the effective starting date of the corporation to July 24? Can I do that? How can I do that?
The owner wants the Opening Balance Equity to be a loan from him to the corporation, as he will have to pay taxes on this amount (net income from the closed sole proprietorship). Will this balance stay the same even though wages were payed under the previous entity's EIN after incorporation and acquisition of a new EIN?
Our company has an official incorporation date of July 1, 2015. Taxes on wages payed up until July 24, 2015 were deposited by our payroll servicer under the EIN of the previous entity, a sole proprietorship. Bookkeeping for the new company started on July 1, 2015. Should the wages up until July 24 be recorded in the books of the sole proprietorship or the corporation? If under the sole proprietorship, then for the corporation how should I account for paying those wages? Should I just change the effective starting date of the corporation to July 24? Can I do that? How can I do that?
The owner wants the Opening Balance Equity to be a loan from him to the corporation, as he will have to pay taxes on this amount (net income from the closed sole proprietorship). Will this balance stay the same even though wages were payed under the previous entity's EIN after incorporation and acquisition of a new EIN?
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