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CHARU2017TAX
Returning Member

Reconciling ERC recd with old 2020tax returns for an S-corp member owner

I timely filed 2020 tax returns:  both 1120S for my S-Corp and thereafter my personal 1040 forms.  I later learnt about the 2020 ERC and applied for it later.  After I receive the 2020ERC funds, I understand I need to :

- reduce the 2020 wages deduction on my 1120S (to avoid double dipping ), without changing  wage reports such as W2, 941, 940 
-  revise my 2020 personal tax form 1040 since the K-1 will change.  I will owe more personal taxes



Two foreseeable problems;
.   The regular time limit for amending 2020 returns is over.  Does  IRS extend the time period and if yes, how?
.  If I now owe more personal tax, will I be penalized with late fees and interest?

Is there an easier way to avoid double-dipping?

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