The IRS has issued a new form to use to obtain advance payments of three tax credits that were created to help businesses cope with the Coronavirus pandemic. Employers may file new Form 7200 to obtain advances of employment taxes that are refundable as a result of the new tax credits.
Below is an eligibility chart of the three tax credits, IRS tax credit FAQs and how to use the newly issued Form 7200.
Employers can immediately utilize the credits by reducing their required Federal payroll tax deposits. However, if an employer wants to obtain advances of employment taxes that are refundable as a result of the new tax credits, they can file Form 7200. Click here for Form 7200 instructions.
Please give us a call at 402.391.1065 if you have any questions regarding employer tax credits and Form 7200.