The IRS has issued instructions for qualified employers to request advanced payment of tax credits that will be due to them for extension of paid leave to workers who cannot work or telework because of COVID-19 and for businesses that have suffered a COVID-19-related shut-down of business or significant decline in revenues. Form 7200 and the instructions are available online.
You can find background information on the underlying pieces of legislation that include these credits, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) .
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
