May 4, 2020 - Douglas Myser

Virus employer tax credits form. The IRS issued a new form and instructions,  for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200. Advance Payment of Employer Credits Due to Covid 19, to obtain advances of employment taxes that are refundable as a result of the new tax credits: the employee retention credit, the qualified sick leave credit, and the qualified family leave wages credit. The qualified sick leave credit and the qualified family leave wages credit were enacted by the Families First Coronavirus Response Act, P.L. 116-127. The Coronavirus Aid, Relief, and Economic Security Act, P.L. 116-136, created the employee retention credit and provided for advance repayment of the first two credits. The IRS also issued guidance on the employee retention program. Virus employer tax credits form.

The Qualified Family Leave Credit requires employers with fewer than 500 employees to provide public health emergency leave under the Family and Medical Leave Act, when an employee is unable to work or telework due to a need for leave to care for a son or daughter under age 18 because the school or place of care has been closed, or the child care provider is unavailable, due to a public health emergency related to Covid -19. Subject to certain limitations, an employer receives a payroll tax credit equal to 100% of the qualified family leave wages paid by the employer: Self employed individuals can get the credit as well but cannot use IRS form 7200 to obtain it.

Qualified paid sick leave credit requires employers withe fewer than 500 employees to provide up to 80 hours of paid sick time through the end of this year if an employee is unable to work due to being quarantined or having Covid 19, or because the employee is caring for someone who is quarantined or self quarantined, or is sick, or is caring for a sick child, with Covid 19.

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