qbteachmt
Level 15
05-08-2021
11:56 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Line 13g code P specifically states: "Other credits (code P). Attach a statement to Form 1120-S that identifies the type and amount of any other credits not reported elsewhere."
From the 1120S instructions:
"If the corporation claims a credit for any wages paid or incurred, it may need to reduce the amounts on lines 7 and 8. See Reducing certain expenses for which credits are allowable, earlier. Also reduce the amounts reported on lines 7 and 8 by the nonrefundable and refundable portions of the new CARES Act employee retention credit claimed on the corporation's employment tax return(s)."
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.