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- ERC Employee Retention Credit Expenses paid to consultants and timing of deduction
ERC Employee Retention Credit Expenses paid to consultants and timing of deduction
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swiztaxpro
Level 1
06-26-2023
11:43 AM
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Hi, I can't find any rules on the timing of deduction for fees paid to collect the ERC refunds. Is there a rule anywhere that would allow the expense to offset the refund received? Or is it professional fees in the year paid?
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3 Comments 3
qbteachmt
Level 15
06-26-2023
12:20 PM
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Year paid.
They already have the offsetting credit; it's part of wage/tax reduction.
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swiztaxpro
Level 1
07-14-2023
03:46 PM
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The credit is income via wage expense reduction in year wage was paid, 2020 or 2021. The expense to collect that credit is large, and should be used as an expense to receive income in that year as well. I can't find any rules stating this is ok but looking for one.
sjrcpa
Level 15
07-14-2023
05:02 PM
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