USA ERC Credit Accounting and Tax Treatment

Joined
Jul 21, 2020
Messages
31
Reaction score
0
Country
United States
I have a client (S Corp) that received about 3k in ERC credits in 2023 for tax year 2021 and 2022. I have filed 2021 and 2022 without knowledge that had claimed ERC. Now per IRS regulations, the returns should be amended for those years. How would I record the ERC on the book for those two years. Should I book a receivable for the ERC. If so, can I still book a receivable if the entity is a Cash Bais Taxpayer?

Your response would be greatly appreciated.
 

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments. After that, you can post your question and our members will help you out.

Ask a Question

Members online

Forum statistics

Threads
11,684
Messages
27,655
Members
21,535
Latest member
Aluminium scrap derivativ
Top