Business & farm
Rather than wait to get answers to my question, I've been trying to do the research. The link you provided me referenced an article from 2020 - and a lot of guidance has been issued since then. The 941 is used to get the credit, and my company received large ERC refund checks because of those 941's, but my understanding is when it comes to filing income taxes (not payroll taxes via the 941), those credits need to be accounted for on the 1120S. The instructions for the 2021 1120S has this excerpt; so according to this, my thinking is that I reduce the amount of wages by the amount of ERC received via the employment tax returns (for me, that's the 941's). Does this sound correct to everyone?
