I have a client (S Corp) that received about 3k in ERC credits in 2023 for tax year 2021 and 2022. I have filed 2021 and 2022 without knowledge that had claimed ERC. Now per IRS regulations, the returns should be amended for those years. How would I record the ERC on the book for those two years. Should I book a receivable for the ERC. If so, can I still book a receivable if the entity is a Cash Bais Taxpayer?
Your response would be greatly appreciated.
Your response would be greatly appreciated.