IRS Develop a Draft Form 7200 for the Advance of Payroll Tax Credits Due to COVID-19

IRS Develop a Draft Form 7200 for the Advance of Payroll Tax Credits Due to COVID-19

Posted by Jeffrey Feingold on 04.07.20

On March 30, the IRS issued a draft of Form 7200 to identify a larger set of employment taxes against which the payroll tax credits could be applied. For the latest information about developments related to Form 7200 and its instructions, such as legislation enacted after they were published, go to IRS.gov/ Form7200.

Taxpayers can use Form 7200 to request an advance payment of the tax credits for qualified sick and qualified family leave wages and the employee retention credit can be claimed on the following forms.

  • Form 941, Employer’s QUARTERLY Federal Tax Return.
  • Form 941-SS, Employer’s QUARTERLY Federal Tax Return (American Samoa, Guam, the Commonwealth of the Northern Mariana Islands, and the U.S. Virgin Islands).
  • Form 943, Employer’s Annual Federal Tax Return for Agricultural Employees.
  • Form 944, Employer’s ANNUAL Federal Tax Return. 
  • Form CT-1, Employer's Annual Railroad Retirement Tax Return.

Please note this is only a draft and is not finalized. Stay informed at the IRS.gov for information during the COVID-19 outbreak.

All of our Tax Point Advisors are currently working remotely and can answer any questions that may arise regarding Form 7200. To speak to one of the experts at Tax Point Advisors, please call us at (800) 260-4138 or please leave us a message below.


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