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Accountant01
Level 1
March 19, 2023
Question

Where/how is a Sub S receipt of Employee Retention Credit received in 2022 for prior years wages reported? Federal tax question not a state tax issue.

  • March 19, 2023
  • 1 reply
  • 7 views
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1 reply

qbteachmt
qbteachmt
Level 15
March 19, 2023

If you had not already reduced wages for that credit (receivable as a refund) for the tax years being used to qualify for the credit, then you need to amend those year(s) per the IRS. The IRS website and pubs have all the info you need.

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sjrcpa
sjrcpa
Level 15
March 19, 2023

You don't amend the 2022 1120S. You amend the year to which the credit relates 2020 and/or 2021.

As to original question, if not's sitting in a Receivable account I would record as income on books not on return for the 2022 1120S.

The more I know the more I don’t know.
qbteachmt
qbteachmt
Level 15
March 20, 2023

"You don't amend the 2022 1120S."

Of course not. That's what I get for trying to post quickly when I was supposed to be in the car ready for errands. I have edited and corrected my reply. Thanks.

Don't yell at us; we're volunteers
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