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ERC reporting
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DJNC 1
Level 1
05-20-2024
05:13 PM
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Client received ERC in 2023. Do 2020/2021 tax returns have to be amended or can this be reported on 2023 tax returns as other income? Reading conflicting "opinions". How have other done this? For this particular client I would prefer not to prepare amended returns. Returns affected are 1120, 1120S and 1065's.
Thanks!
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2 Comments 2
qbteachmt
Level 15
05-21-2024
12:35 PM
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The cash inflow is not the only part of this change. You have to amend for how it affects the payroll costs, because it seems this wasn't claimed timely.
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