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kelmelsd
Level 3
June 10, 2020
Question

Critical Diagnostic

  • June 10, 2020
  • 2 replies
  • 13 views

What is the best way to manually reduce salaries and wages on Form 1120S for the Increasing Research Credit?

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2 replies

itonewbie
itonewbie
Level 15
June 10, 2020

Reasonable wages are supposed to be established and paid.  What is to be paid as wages should be documented and not monkeyed around after the fact to play games with numbers.

---------------------------------------------------------------------------------Still an AllStar
PhoebeRoberts
PhoebeRobertsIntuit Community Champion
Intuit Community Champion
June 10, 2020

OP is asking about the need to reduce the wage line for the nondeductible portion due to having received a credit for those wages.

 

    PhoebeRoberts
    PhoebeRobertsIntuit Community Champion
    Intuit Community Champion
    June 10, 2020

    By entering a smaller number on the wages and salaries input. You'll also need a Schedule M entry for the book-tax difference.

      K
      kelmelsdAuthor
      Level 3
      June 10, 2020

      Thanks PhoebeRoberts.  I was hoping to add a notation to the Form 1120S Line item that is reduced.  Lacerte has a way to do this, but I have been unable to find a way within ProConnect.  

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