We have had quite a few of our clients that have outsourced for the ERC credit. When I check the IRS information about ERC it doesn't look like most of our clients should have received any credits, but somehow they did. We have a client right now who received almost $700,000 in credits. When I looked at it I see that they did qualify for the credit for 3 quarters but the CPA office that did the credit for them did it for 6 quarters, nor did they advise the client that the corporate income  tax returns need to be amended for 2020 and 2021. And the client is under the impression that the credit is not taxable. Are we completely missing something here? Is there someone here that would be willing to help me understand this stuff? 

In my thought process the credit reduces the payroll expenses for those years which increases the net income. Which is taxable. What am I missing??? 

So confused!