FFCRA and CARES Acts including the PPP

Hi there, @EncoreS.

I hope all is well. To clarify, did you receive an Employee Retention Credit refund check? If it's a liability overpayment, you can apply it as a credit to a payroll tax account. It would be best to ask for professional advice from your accountant to find out which account to select. This way, the credit is correctly applied in your tax forms. I can help you find an accountant if you don't have one.

Here's how:

1. Visit the ProAdvisor site.
2. Enter your city or ZIP code in the Location field. It will display a list of accountants or bookkeepers near you.
3. You can also filter the service provided, industry served, and product supported to narrow down the results. 
   

To apply a tax credit follow these steps:

1. Create a liability check.
2. Select the Expenses tab. And select the account where you want to apply the credit.
3. Enter the amount of the credit (only up to the amount of the check) as a negative figure in the Amount field.
4. Enter an explanation of the transaction in the memo field.
5. Select the Recalculate button to lower the amount of the check by the amount of the credit. If there is a credit balance remaining, you can apply it to the next period by repeating steps 1 through 4.

For additional reference about Employee Retention Credit, please read these following resources:

• What is Employee Retention Credit?
• How to calculate the Employee Retention Credit
• How to set up and track the Employee Retention Credit under the CARES Act

If you have further questions or concerns, feel free to reach back to our Community site. We're always ready to provide you assistance. Stay safe.