Thanks for joining the thread.
I'd be happy to share the guidelines on how you can make the deposit in QuickBooks Desktop.
Make sure that you've already set up your account before making the deposit, here's how:
- Select the IRS under Received From.
- Then click Employee Retention Credit from the From Account drop-down.
After that when you receive the ERC, the IRS will require you to amend your income tax return for the year in which the wages that gave rise to the credit applied. If this is for the wages paid in 2020, you'll reduce these wages by the amount of the credit received. Otherwise, this will increase your income by the same amount and possibly create tax due.
I also recommend consulting an accountant to ensure your records are tip-top.
Feel free to utilize these articles to learn more about how the ERC is calculated:
Please don't hesitate to post again here for further inquiries. Have a good one!
