On March 30, 2020, the Internal Revenue Service (IRS) provided guidance for employers to obtain an advance payment of tax credits due to the coronavirus.
Under tax legislation enacted in response to the coronavirus, employers may be eligible for the following types of refundable payroll tax credits:
The IRS has released Form 7200 to be used by employers to request an advance payment of both of these refundable payroll tax credits. Form 7200 and its instructions can be found here.
Please contact Douglas Turner Coats with any questions or concerns.
Douglas Turner Coats
410-576-4002 • dcoats@gfrlaw.com
For additional information on the impact of the coronavirus, visit our COVID-19 information hub for a list of up-to-date content.