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ERC tax credit
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Brainstrom
Level 4
02-20-2023
11:21 AM
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1.Client received the ERC tax credit monies in 2022, I understand that we need to amend 2021 tax return because the credit was for payroll tax in 2021. Is there a specific form for this adjustment, similar to the PPP loan. Or is it just a balance sheet adjustment reducing the payroll and Accounts Receivable.
2.If your client is a Schedule C on a 1040 and the balance sheet is not used, just reduce wages?
This is so unclear, Thank you
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2 Comments 2
qbteachmt
Level 15
02-20-2023
02:11 PM
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I found this specific article:
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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.
