COVID-19 Credits Tag

The IRS has announced that February 1, 2021 is the last day to submit Form 7200 (Advance Payment of Employer Credits Due to COVID-19).  Background - In response to the COVID-19 pandemic, the federal government enacted legislation to provide relief for employers and workers. Such relief includes refundable tax credits...

The IRS has revised Publication 5419, New COVID-19 Employer Tax Credits, which provides a simple reference of the employer tax credits established in response to the coronavirus (COVID-19) public health emergency. Background - The Family First Coronavirus Response Act (FFCRA) was signed into law on March 18,...

The IRS has announced that employers will experience a delay in receiving the advanced employer COVID-19 credits claimed on Forms 7200 (Advance Payment of Employer Credits Due to COVID-19) submitted between late-December 2020 and mid-January 2021 because of the end-of-year close out of its systems. In response to the coronavirus...