IRS Form: Form 7200 on COVID-19 Employer Credits (IRC §3111)

Form 7200, Advance Payment of Employer Credits Due to COVID-19, and instructions released March 31 to reflect employer credits under coronavirus legislation. Form 7200 is used to request advance payment of the tax credits for qualified sick and qualified family leave wages and the employee retention credit that are claimed on Forms 941, 943, 944, and CT-1. Self-employed individuals are not eligible, the instructions note. Eligible employers can first reduce their employment tax deposits to account for the credits and then request the amount of the credit that exceeds the reduced deposits by filing Form 7200 or waiting to ...