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Record of Prior Service E Form Code Sb146

Record of Prior Service E Form Code Sb146

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Instructions and help about Record Of Prior Service E Form Code Sb146

welcome to county office your complete guide to local government services and public records let's start learning how to record employee retention Credit in financial statements hello Financial enthusiasts today we're diving into the nitty-gritty of recording employee retention credit ERC in financial statements firstly let's clarify what ERC is it's a refundable tax credit for employers who kept their employees on payroll during covid-19 related business closures that's right it's a way Uncle Sam says thank you for keeping the economy churning now on to the recording bit the ERC is a tax credit which means it reduces your tax liability so it should be recorded as a reduction in tax expense in your income statement here's a simple way to do it let's say you have a twenty thousand dollars ERC you debit reduce your tax expense by twenty thousand dollars and credit increase your tax payable or refund receivable by the same am

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