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- Where/how is a Sub S receipt of Employee Retention Credit received in 2022 for prior years wages reported? Federal tax question not a state tax issue.
Where/how is a Sub S receipt of Employee Retention Credit received in 2022 for prior years wages reported? Federal tax question not a state tax issue.
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Accountant01
Level 1
03-19-2023
11:54 AM
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3 Comments 3
qbteachmt
Level 15
03-19-2023
12:09 PM
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If you had not already reduced wages for that credit (receivable as a refund) for the tax years being used to qualify for the credit, then you need to amend those year(s) per the IRS. The IRS website and pubs have all the info you need.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
sjrcpa
Level 15
03-19-2023
01:43 PM
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You don't amend the 2022 1120S. You amend the year to which the credit relates 2020 and/or 2021.
As to original question, if not's sitting in a Receivable account I would record as income on books not on return for the 2022 1120S.
Ex-AllStar
qbteachmt
Level 15
03-19-2023
07:00 PM
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"You don't amend the 2022 1120S."
Of course not. That's what I get for trying to post quickly when I was supposed to be in the car ready for errands. I have edited and corrected my reply. Thanks.
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"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
