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ERTC

ELMORON
Level 1

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?

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2 Comments 2
qbteachmt
Level 15

ERTC nondeductible Expense?

https://proconnect.intuit.com/community/taxation/help/entering-the-employee-retention-credit/00/1217...

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/employee-retention-cred...

And since you stated this is an Accrual Entity, you would have Accrued the credit:

https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/employee-retention-cred...

 

That should help get you started.

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mike9
Level 4

K-1 Non taxable Income IMHO:)

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