JackieCPA Posted August 9, 2022 Report Posted August 9, 2022 Do we think there is any hope that the IRS will change their mind and make it so I don't have to amend a bunch of tax returns for people who just recently got the ERC credit? 1 Quote
Lion EA Posted August 9, 2022 Report Posted August 9, 2022 Charge your clients at least double what the ERC mills charged them to amend their Forms 941, and upfront, also! 3 Quote
WITAXLADY Posted August 15, 2022 Report Posted August 15, 2022 I'm lost - what are talking about? I did tons of ERC's - claimed the income - but on other income as there is not a good way to claim it under against tax paid etc - ATX does not allow negative numbers! and already did many amended 941's as they never took the credit in the first place adn do there own payroll. Amending many in Nov for the Covid payroll, also... D Quote
Lion EA Posted August 15, 2022 Report Posted August 15, 2022 After applying for ERC and amending Forms 941, you amend the original income tax returns to reduce payroll expense, increase profit, including amending Forms K-1. Then you amend the original individual income tax returns that receive the amended K-1s. Labor intensive, so charge enough for your time and knowledge. 1 Quote
WITAXLADY Posted August 15, 2022 Report Posted August 15, 2022 got it! Most of ours were done at the same time.. whew! Quote
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