Enter on line 8 the total salaries and wages paid or incurred to employees (other than officers) during the tax year. For example, if a business is incorporated in Delaware or Nevada and the corporation's principal office is located in Little Rock, Arkansas, the corporation should enter the Little Rock address. See Principal Business Activity Codes. 908, Bankruptcy Tax Guide. Whether you received the ERC during 2020, did it retroactively, or did a catch-up at the end of the year, Larry Gray, CPA will explain what you need to do on. A taxpayer who is a U.S. shareholder of an applicable CFC that has business interest expense, disallowed business interest expense carryforward, or is part of a CFC group must generally apply section 163(j) to each applicable CFC and attach a Form 8990 with each Form 5471. How to report employee retention credit on 1120s. Complete Form 6765 to figure the credit. How does the credit work? A taxpayer that isnt a small business taxpayer (defined below) must generally file Form 8990. If recapture of part or all of the low-income housing credit is required because (a) the prior year qualified basis of a building decreased, or (b) the corporation disposed of a building or part of its interest in a building, see Form 8611, Recapture of Low-Income Housing Credit. If the due date falls on a Saturday, Sunday, or legal holiday, the payment is due on the next day that isn't a Saturday, Sunday, or legal holiday. If column (a) on line 2 or line 4 of the Schedule M-2 includes expenses paid with proceeds from forgiven PPP loans, an S corporation should report that amount in column (a) on line 3 and in column (d) on line 5 of the Schedule M-2. Relevant facts and circumstances include: The type and amount of labor required to perform the services, and. The corporation can view, print, or download all of the forms and publications it may need on IRS.gov/FormsPubs. The following are examples of credits subject to recapture and reported using code H. The qualified plug-in electric drive motor vehicle credit (including qualified two-wheeled plug-in electric vehicles and new clean vehicles). See Regulations section 1.1362-4 for the specific requirements that must be met to qualify for inadvertent termination relief. Proc. Also see Notices 2021-31 and 2021-46.