Entries for Gift of Property to Employee

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1stAssembly
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Joined: Thu Nov 08, 2012 2:04 pm

Entries for Gift of Property to Employee

Post by 1stAssembly »

A church owned vehicle is being given to an employee who is leaving. The church is covering the tax liabilities for the employee as well. I am trying to make sure that I make the appropriate accounting entries so that it shows up on his W2 and my books are in balance when all is done. Guidance would be greatly appreciated.

NeilZ
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Joined: Wed Oct 08, 2003 1:20 am
Location: Dexter NM
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Re: Entries for Gift of Property to Employee

Post by NeilZ »

1stAssembly wrote:
Mon Apr 19, 2021 2:31 pm
A church owned vehicle is being given to an employee who is leaving. The church is covering the tax liabilities for the employee as well. I am trying to make sure that I make the appropriate accounting entries so that it shows up on his W2 and my books are in balance when all is done. Guidance would be greatly appreciated.
I would check with a tax accountant to be sure of how to enter the income, which is what the price of the vehicle is, as well as the income from the tax payments, which in itself is taxable. There's a few issues to be discussed with the accountant, and since I'm not one, just a long time user of the program with some bookkeeping background, I can't give any advice in this type of situation.
Neil Zampella

Using PC+ since 1999.

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