Advance Payment of Employer Credits Due to COVID-19

April 3rd, 2020

Dear Valued Clients,

The IRS recently issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the COVID-19 pandemic.

Employers may file the new Form 7200, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit. 

For more information, please visit the following page on the IRS’ website: https://www.irs.gov/forms-pubs/about-form-7200

If you have any questions concerning your obligations under COVID-19, please don’t hesitate to contact our office at 562-495-3331.

Stay Safe and Healthy!

Disclaimer: The information contained in this newsletter is intended solely for general educational purposes.  It is not intended for the purpose of providing specific legal, accounting, or other professional advice to any particular recipient or with respect to any particular jurisdiction.  The Firm (1) makes no representations, warranties, or guarantees as to its technical accuracy or compliance with any law (federal, state, or local); and, (2) assumes no responsibility to any recipient of this document to correct or update its contents for any reason, including changes in any laws.  Before using any information contain herein, you should formally retain tax professional knowledgeable to your financial situation.