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FAQ
Is ERC refund taxable income?
30 or Dec. 31 of 2021, businesses are still eligible to apply for the credit. Thankfully, companies have until April 15, 2024, to submit their information and get their refund from the government. Put another way, since the ERTC is a tax credit that has the potential to become a refund, it is not considered taxable income.
Is the ERC recorded as income?
Since the ERC is regarded by IAS 20 as an income-related grant, an entity may choose to report the income either (1) gross as a grant or other income item, or (2) net as a deduction from the expense category (usually employee compensation) where the reporting entity reports employment taxes.
Do you have to pay back ERC tax credit?
Employers that meet the requirements can deduct the Employee Retention Credit from specific employment taxes, and it is a fully refundable tax credit. It does not need to be repaid because it is not a loan. The refundable credit exceeds payroll taxes paid during a credit-generating period for the majority of taxpayers.
Read More :
https://www.irs.gov/coronavirus/frequently-asked-questions-about-the-employee-retention-credit
https://www.sambrotman.com/erc/is-the-employee-retention-credit-taxable-income