Employee Retention Credit for Corporation tax returns 1120-S

Forum|Forum|4 years ago
March 10, 2022
1 reply
9 views

We applied for the Employee Retention Credit in 2020 but did not receive the funds till 2022.

Do we need to do an amended return for 2020 to show wages deducted or deduct these wages from 2021 return?

Lacerte Tax

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qbteachmt

Level 15

Here is the article for what would have been done for 2020, in anticipation of the Banking. Because you have something related to Payroll for 2020, not for the Banking (refund activity). ERC is Payroll-related. It's not the same as PPP forgiveness, which had to be applied for and then anticipated; and even then, the IRS included "Forgiven or expect to be Forgiven" so that it could be included on the tax return for the year it applies to, not the year of the Banking.

What was done in 2020? Is this on the 941 and/or 7200 for 2020, or was it overlooked?

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qbteachmt

Level 15

Oops, the link:

https://proconnect.intuit.com/community/taxation/help/entering-the-employee-retention-credit/00/121783

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