Did you know that you could already be filing for your Advance Credits on Emergency Paid Sick Leave monies paid to employees under FFCRA?

Eligible employers can use Form 7200, Advance Payment of Employer Credits Due to COVID-19, to request an advance payment of tax credits. The Form provides additional guidance for eligible employers to take advantage of refundable tax credits under the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief and Economic Security Act (CARES) Act.

Form 7200 may be filed at any time during the month following the quarter in which the qualified wages were paid. If needed, the Form may be filed multiple times during a given quarter. The tax credits for qualified sick and family leave wages apply to wages paid from April 1, 2020, to December 31, 2020.

We recommend that you discuss any filing questions with your CPA/Tax Professional or Payroll Processing Agent.