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Confused-Lost
Level 1

IRS refund sent to my business account!

So the book keepers that did my taxes made a mistake and instead of giving IRS my personal tax refund they gave the business. Now they say I can just treat it as owner equity. I don't want to do that to be honest I need the money. Now if I transfer it to my personal account, I don't want to classify as owner distribution because it will get taxed again! So I am lost and don't know what I am doing. I was thinking to just transfer to my personal account and make a note of it t

1 Comment 1
QueenC
Moderator

IRS refund sent to my business account!

I can see your point here. Allow me to share some information with regard to managing the IRS refund you received.

 

In QuickBooks Self-Employed (QBSE), the best way to track funds that were accidentally sent to your business account instead of your personal account is to treat it as owner's equity. 

 

However, if you really want to transfer it out from your business account, you can, but I'd recommend consulting with your accountant to best help and guide you on how to record this. Your accountant can provide more expert advice in dealing with this concern.

 

If you need help completing future tasks, feel free to check out these helpful links:

 

 

Drop a reply anytime if you still have questions or concerns about managing funds in QBSE. I'll be here to assist you further. Take care and have a nice day ahead.

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