JackieCPA Posted May 31, 2022 Report Share Posted May 31, 2022 Hello! So for the ERC refunds company's are receiving - I found that we have to amend the year that it is for (2020, 2021) - for just about all of my clients they received a few hundred extra for interest, does that interest count for those prior years or for 2022? Quote Link to comment Share on other sites More sharing options...
KATHERINE Posted May 31, 2022 Report Share Posted May 31, 2022 HI Jackie, I think I would take the interest as the year it is received. Because, when the 941X was filed, you would not be able to know how much interest will be , you will only know the ERC receivable amounts based on the worksheet. So, when you make the JE to provide the ERC, you will only reduce tax and wages part to get your PL. Anyway, I think it is not a big deal, but I prefer recorded the interest income in the year it was received. Thank you! Quote Link to comment Share on other sites More sharing options...
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