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asbtaxguy
Level 2
May 21, 2023
Question

ERC CREDITS-IF A TAXPAYER(S-CORP) RECEIVED AN ERC CREDIT FOR 3Q 2021 IN 2022,DO I AMEND THE 2021 TAX RETURN,OR SHOW THE CREDIT OFFSET IN WAGES FOR 2022?

  • May 21, 2023
  • 1 reply
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1 reply

T
TaxGuyBill
Level 15
May 21, 2023

Amend 2021.

    abctax55
    abctax55
    Level 15
    May 21, 2023

    And, amend the shareholders personal returns. Or just issue the corrected K-1s....

    HumanKind... Be Both
      K
      KristiC
      Level 2
      May 24, 2023

      Yes, you have to amend 2021 reducing the deduction for wages paid by the amount of the Employee Retention Credit.  This will change the K-1s.

      You can pick up any interest the IRS pays on top of the tax refund in the current year. 

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