Tax Refund Archives

30 Sep 2020

Adjusting Entry for Tax Refund

Question: Gabotaf good morning! Ask ko po sana if anong correct journal entry kapag sobra yung naset up na Cash-TRA account kaysa sa actual taxes remitted? For example, for March ang naset up na TRA is 300k, pero yung na-remit lang talaga is 280k, due to refund to employee na nagresign. (set up of TRA: Dr. Cash – TRA, Cr. Subsidy from National government). Irereverse lang po ba ito for the difference? Thanks! Answers | Comments Post Views: 696

Accounting 101

6 Aug 2020

What’s is the appropriate journal entry for tax refund if the tax was already remitted to the BIR?

Post Views: 2,194

22 Jan 2020

Tax Refund | BIR 2316 | Former Employee

Q: Is it ok to grant a tax refund claim from a previous employee? The employee left at 2nd quarter of 2019 for a lower salary grade and she claims that there was an overwithholding from us. We issued a 2316 to her upon leaving the agency. Thank you. Click the comment button to read the responses to this question. Post Views: 1,151

18 Jan 2020

Journal Entry for Tax Refund

Q: Ma’am/Sir! Ask ko lang po journal entry whenever meron tax refund. Thank you Click the comment button to read the responses to this question. Post Views: 1,954

29 Apr 2019

Ano ang tax refund?

Nagkakaroon ng tax refund sa mga empleyado kapag sobra ang ibiniwas na tax o buwis ng kanilang employer sa kanilang annual gross compensation income. Ang bawat empleyado ay maaaring makatanggap ng tax refund sa oras na sobra o labis sa kailangan ibawas na buwis ang kanilang binayaran. Nalalaman ng employer na merong tax refund kapag nagreconcile na ito ng tax due ng bawat empleyado pagkatapos ng isang tax period. [Read: How to Compute the Income Tax of Employees] [You May Also Like: What are the Taxable and Non-taxable Compensation of Employees?] Post Views: 1,930