Forgive me if this has been addressed on the forums but I can't seem to locate a solution.
I've read an interpretation (not from authority) that if you have a Schedule C business, that you must include items of interest, dividends, rents and the like in gross receipts to determine if you qualify for the ERTC. Is there authority for that interpretation? The FAQs indicate that gross receipts are defined in 448(c) and "include any income from investments, and from incidental or outside sources...regardless of whether such amounts are derived in the ordinary course of the taxpayer's trade or business." I would expect that if the business generates those items, they would be included. But if the taxpayer holds these investments as portfolio income, what authority brings it in under gross receipts for purposes of ERTC?
I also understand that a person with a Schedule C, and who also happens to own a 100% interest in an S-Corporation and/or is a majority owner in a partnership would need to combine gross receipts from each of these entities to determine if they qualify for the credit. So, based on my first statement above regarding what I've read, what authority would prevent a taxpayer that is a majority partner in a partnership from having to include personal investment income in the aggregated gross receipts to determine if they qualify for the credit, assuming that what I've read is correct regarding a sole proprietorship?