Are ERC credits taxable? Which are the scenarios when taxpayers need to pay additional tax?

Are ERC credits taxable? Notwithstanding the foregoing, if a taxpayer has the opportunity to include the ERC adjustment on a timely filed return (i.e., 2021), it would be prudent to consider filing with the wages adjusted by the amount of ERC claimed (i.e., reducing the wage deduction by both the amount of the ERC received and the amount anticipated after the expiration of the due date).  In this scenario, a taxpayer may consider paying an additional tax deposit at the time of filing, or, if they are unable to do so, wait until receipt of the ERC and assert the aforementioned penalty relief.