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E
ELMORON
Level 2
July 16, 2021
Question

ERTC

  • July 16, 2021
  • 2 replies
  • 14 views

Accrual Method LLC K-1 deducted 2020 ERTC on 2020 return as Non Deductible expense( Included in Cost of Goods).Now In 2021 when I receive the Payroll credit how is this to be entered? Will it effect Partners equity?

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2 replies

qbteachmt
qbteachmt
Level 15
July 16, 2021

ERTC nondeductible Expense?

https://proconnect.intuit.com/community/taxation/help/entering-the-employee-retention-credit/00/121783

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/employee-retention-credit/00/122299

And since you stated this is an Accrual Entity, you would have Accrued the credit:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/employee-retention-credit-not-yet-realized/00/143699

 

That should help get you started.

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M
mike9
Level 5
July 16, 2021

K-1 Non taxable Income IMHO:)

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