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Next steps after filing Form 7200

Form 7200 provides a request for advance payment of tax credits that are claimed on form 941, the Employer’s Quarterly Federal Tax Return, much sooner than waiting for the quarterly return to be filed, accepted, and refunded. If your business is filing IRS Form 7200, there are a few additional things we'll need from you.
  • If your company used Form 7200 to expedite a federal tax refund due to the aforementioned tax credits, forward a copy of the completed Form 7200 to your Payroll Specialist before July 15th 2020, so we can make sure your Q2-2020 941 return is compliant.
  • If your company paid out any qualified health plan expense amounts related to FFCRA COVID-19 wages during the 2nd Quarter, contact your Payroll Specialist because these can be listed for additional credit.
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    The Employee Retention Credit limit includes the health plan expense amount.
  • If you have qualifying credits and have not already reported them to your Payroll Specialist, report them now so they can be accurately reflected on your return.
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You'll need to report these credits to your Payroll Specialist no later than July 15, 2020.