Does an amended income tax return have to be prepared for both cash basis and accrual basis clients when retroactively claiming the ERC?

Blackcat · ‎02-10-2022

sjrcpa · ‎02-11-2022

You're now claiming ERC for 2020 wages?

Yes you need to amend the 2020 return to reduce the wage expenses.

The more I know, the more I don't know.

Blackcat · ‎02-12-2022

Yes, amended 941 returns were prepared in 2021 for 2020. So, it doesn't matter whether they are cash or accrual basis? The returns must be amended on both for retroactively claiming ERC. Please verify that both basis of accounting are required to amend returns. Thank you.

sjrcpa · ‎02-12-2022

Yes amend 2020 whether cash or accrual.

The more I know, the more I don't know.

Does an amended income tax return have to be prepared for both cash basis and accrual basis clients when retroactively claiming the ERC?

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