On March 30, 2020, the IRS released draft versions of Form 7200, Advance Payment of Employer Credits Due to COVID-19, and instructions to the form.
The form is to be used by employers to request an advance of the refundable tax credit for qualified sick and family leave wages and the refundable employee retention credit that will be claimed on Forms 941 (regular, PR, and SS), 943 (regular and PR), 944 (regular and SP), and or CT-1.
The paid sick leave and paid family leave provisions were enacted on March 18, 2020, as part of the Families First Coronavirus Response Act (Phase 2 legislation), and the employee retention credit was enacted on March 27, 2020, as part of the CARES Act (Phase 3 legislation).
The form and instructions are not to be relied upon for filing purposes and are subject to change before being officially released.
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Business Tax Services Group.
COVID-19 Resource Center