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B
Blackcat
Level 2
February 11, 2022
Question

Does an amended income tax return have to be prepared for both cash basis and accrual basis clients when retroactively claiming the ERC?

  • February 11, 2022
  • 1 reply
  • 11 views
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1 reply

sjrcpa
sjrcpa
Level 15
February 11, 2022

You're now claiming ERC for 2020 wages?

Yes you need to amend the 2020 return to reduce the wage expenses.

The more I know the more I don’t know.
    B
    BlackcatAuthor
    Level 2
    February 12, 2022

    Yes, amended 941 returns were prepared in 2021 for 2020.  So, it doesn't matter whether they are cash or accrual basis?   The returns must be amended on both for retroactively claiming ERC.  Please verify that both basis of accounting are required to amend returns.  Thank you.

    sjrcpa
    sjrcpa
    Level 15
    February 12, 2022

    Yes amend 2020 whether cash or accrual.

    The more I know the more I don’t know.
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