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Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
Intuit Biz e-filing closure on December 21 at 6:00PM PST. Select your product for more Hot topics. Lacerte | ProConnect | ProSeries
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Employer Retention Credit
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Mn3
Level 1
04-09-2020
11:44 AM
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Hello,
I would like to know more about how to claim the Employer Retention Credit. I'm not very comfortable with the idea of just withholding payroll tax deposits. I know during hurricane disasters the ERC was claimed on the federal tax return. Any information on this would be very helpful!
Thanks in advance!
Melinda Nielsen, EA
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1 Comment 1
TaxGuyBill
Level 15
04-09-2020
01:31 PM
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The credit will be claimed on the 941, so yes, if you want reduce deposits, you can.
The other option is to pay them as usual, but claim the Advance credit on Form 7200.
