Accrual Method LLC K-1 deducted 2020 ERTC on 2020 return as Non Deductible expense( Included in Cost of Goods).Now In 2021 when I receive the Payroll credit how is this to be entered? Will it effect Partners equity?
ERTC nondeductible Expense?
And since you stated this is an Accrual Entity, you would have Accrued the credit:
That should help get you started.
K-1 Non taxable Income IMHO:)
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