ERTC Completed Contract

Technical topics regarding tax preparation.
#1
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157
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22-Apr-2014 7:02pm
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Orange County, CA
Hello, hope all is well. My construction client uses the completed contract method for tax reporting. Would that method be permitted to be used when determining revenue reduction for the ERTC? Many thanks!
 

#2
Nilodop  
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18759
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21-Apr-2014 9:28am
Location:
Pennsylvania
I think so. In fact it may be required. There's an IRS Q & A(not an authority) that says you look to section 448 for the meaning of gross receipts. Here's from 1.448-1T(f)(2)(iv).
(iv) Determination of gross receipts -

(A) In general. The term “gross receipts” means gross receipts of the taxable year in which such receipts are properly recognized under the taxpayer's accounting method used in that taxable year (determined without regard to this section) for federal income tax purposes.


Q & A 40 here: https://www.irs.gov/newsroom/covid-19-r ... -retention
 

#3
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157
Joined:
22-Apr-2014 7:02pm
Location:
Orange County, CA
Thank you!
 

#4
juro  
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18-Oct-2015 9:11am
Location:
USA
My client uses SurePayroll, so i asked my client about asking them about the ERTC
we need to ask if we qualify, so they can adjust our payroll liability for the credit.

How would SurePayroll know if we qualify?
 


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