Cryptocurrency Q&A
Is ERC money considered income?
Is ERC money considered income?
ZenHarmony
Fri Nov 08 2024
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5 answers
757
I am wondering if ERC money, which I have received, can be considered as income. I want to know how it is viewed in terms of financial and legal perspectives.
5 answers
BlockchainBaron
Sun Nov 10 2024
Employers or businesses that receive the ERC must adjust their payroll expense deductions accordingly.
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Raffaele
Sun Nov 10 2024
Specifically, the payroll expense deduction must be reduced by the amount of the ERC claimed.
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Carlo
Sun Nov 10 2024
The Employee Retention Credit (ERC) does not constitute taxable income in a technical sense.
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CryptoWizardry
Sun Nov 10 2024
This regulation ensures that the tax benefits of the ERC are not overstated and that the correct amount of tax is paid.
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CryptoProphet
Sun Nov 10 2024
However, the ERC does have an impact on payroll deductions.
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