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D
DJNC 1
Level 2
May 20, 2024
Question

ERC reporting

  • May 20, 2024
  • 2 replies
  • 12 views

Client received ERC in 2023.  Do 2020/2021 tax returns have to be amended or can this be reported on 2023 tax returns as other income?  Reading conflicting "opinions".  How have other done this?  For this particular client I would prefer not to prepare amended returns.  Returns affected are 1120, 1120S and 1065's.

Thanks!

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2 replies

sjrcpa
sjrcpa
Level 15
May 20, 2024

Go to the horse's mouth - irs.gov

If ERC claimed for 2020, you have to amend 2020. Likewise for 2021.

The more I know the more I don’t know.
    qbteachmt
    qbteachmt
    Level 15
    May 21, 2024

    The cash inflow is not the only part of this change. You have to amend for how it affects the payroll costs, because it seems this wasn't claimed timely.

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