JD Supra

IRS Finalizes Form 7200 – Advance Payment of Employer Credits Due to COVID-19

Employer Relief under the FFCRA. Under the FFCRA, an eligible employer’s costs associated with required paid family and sick leave are offset dollar-for-dollar (up to certain amounts) with refundable ...
JD Supra

IRS Issues FAQs and Form 7200 for Advance Payment of COVID-19 Employer Tax Credits

The IRS has issued FAQs regarding the tax credits for the sick and family leave and employee retention tax credits which provide guidance on eligibility and instructions for claiming the credits. The ...
JD Supra

IRS Guidance Regarding Waiver Of Penalties And Acquiring Advance Payments For Payroll Tax Credits

On March 18, 2020 President signed the Families First Coronavirus Response Act, or the “FFCRA”, into law. On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security ...
Accounting Today

IRS sending letters about delayed employer tax credit payments

The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19. A ...
JD Supra

IRS Provides Guidance Permitting Employers to Immediately Receive COVID-19-Related Tax Credits

The Families First Coronavirus Response Act (the “Families First Act”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) contain tax relief provisions that are intended to ...
JD Supra

CARES Act Employee Retention Credit Update

The Internal Revenue Service (IRS) has issued supplemental guidance regarding The Coronavirus Aid, Relief, and Economic Security Act’s (CARES Act) employee retention credit (Credit). We have ...