Hi all, I have a client S-Corp who hired an outside consulting company to calculate and claim for the ERTC and can successfully claim over $1,500,000 in ERTC from dates ranging 3/31/2020 to 9/30/2021.  Are we supposed to divide this credit between 2020 and 2021 and end up amending 2020 1120s and shareholder 1040's? 

Doesn't that mean the 2020 1040 for the S-corp shareholder, once also amended for the corrected k-1, will generate letters indicating massive underpayment penalties and interest?

Would it be better to record the full credit for that entire covered period as a receivable in 2021?  It will generated a massive tax bill for the shareholder for April 18, but I'm $1,500,000 coming in should provide a nice cushion for that.