I received a surprise in the mail last week. A check arrived from the Treasury Department. Here is the challenge: I don’t know what it’s for. There was no explanation. While I assume it is for my employee retention credit, it doesn’t reconcile with my records.
I called my accountant and asked him what to do and how to account for it in QuickBooks. His advice was to book it as “other income” and wait for further guidance. That's precisely what I did.
I have spoken with other business owners who also have received these checks. One explanation for the amount is that the Treasury Department is adding interest to the amount due in some instances. It sure would help if they explained.
Has anyone else received their ERTC payments yet?