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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Does 2022 1120-S Tax Return Need to be Amended if 2021 1120-S Tax Return was Amended?
Does 2022 1120-S Tax Return Need to be Amended if 2021 1120-S Tax Return was Amended?
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Tax Explorer
Level 4
02-26-2024
10:27 PM
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Hi,
I have a client that amended their 2021 S-Corp tax return to addback the Employee Retention Credit (ERC) claimed during the quarters of 2021. I made an adjusting journal entry (AJE) to debit Employee Retention Credit Recievable (Asset) and credit the Salaries & Wages account (Expense) for the amount of ERC claimed in 2021. As such, the S-Corp's ending Balance Sheet on the 2021 amended return is different from the beginning Balance Sheet on the 2022 unamended return due to the AJE made for ERC. Is it possible to just correct the Balance Sheet on the S-Corp's 2023 tax return or would I need to amend the Balance Sheet on the 2022 S-Corp return before doing the S-Corp's 2023 tax return?
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