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- Do you record the deposit from Employee Retention Credit on Page 1 line 7c
Do you record the deposit from Employee Retention Credit on Page 1 line 7c
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lillyjohnson
Level 2
03-06-2023
12:48 PM
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My client received a refund check for the Employee Retention Credit. I DB Cash and CR contra wages account. When I enter the refund on Page 1 line 7c it automatically creates a book/tax adjustment on M1. I do not have a book tax difference. My balance sheet is also out of balance by this amount. Do I have to enter the ERC refund on Pg 1 line 7c or can I just enter net wages on line 8?
3 Comments 3
sjrcpa
Level 15
03-06-2023
01:02 PM
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What year(s) was the ERC for?
Are you preparing the 2022 tax return?
Ex-AllStar
lillyjohnson
Level 2
03-06-2023
01:21 PM
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They received it for 2020 and 2021 941s. Yes, we are preparing the 2022 tax return.
sjrcpa
Level 15
03-06-2023
01:24 PM
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You have to amend the 2020 and 2021 tax returns to reduce the wages.
The interest received in 2022 when they got the money is taxable in 2022.
The amount of the credit received in 2022 would be income on books not on tax return.
Ex-AllStar
