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dave126
Level 1

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

 
7 Comments 7
MaryAnn_E
QuickBooks Team

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

Hello there, @dave126.

 

Thank you for posing on the QuickBooks Community. At this moment, Quickbooks Online Payroll doesn't support Form 7200.

 

However, I recommend using these links from the IRS that gives more details and instructions about the form:

 

Drop me a comment below if you have any other questions. Have a great one. 

tjmattonen
Level 1

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

MaryAnn,

Your answer does not address the question. I understand that we need to file the form 7200. Form 941 needs to be adjusted as well and a credit may be carried forward. If we use QB payroll, how do we communicate this change?

 

 

Rubielyn_J
QuickBooks Team

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

Thanks for joining this thread, @tjmattonen. I'll be glad to provide some insights about IRS Form 7200 and how Intuit will support it.

 

The IRS Form 7200 Advance Payment of Employer Credits Due to COVID-19, is a new IRS form that allows an employer to request an advance payment of the tax credits under the FFCRA and CARES Act. Take note that Intuit will not file this form on your behalf. If you choose to file, you must complete and file this form yourself. Depending on your payroll service you may need to let QuickBooks know you filed the form.

 

After you complete and file form 7200, the next step is to contact our payroll support team. They can provide further details and advise them of the amounts and dates you requested the advance payments so your tax amounts can be adjusted by the payroll system. 

 

If you have already contacted QuickBooks to let us know you filed form 7200, your 941 will automatically be corrected.

 

Here's how to reach our support team: 

 

  1. Sign in to your QuickBooks Online company.
  2. Select the Help (?) icon.
  3. Click Contact Us.

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  4. Enter your concern, then select Continue.
  5. Choose Start a chat or Get a callback from the next available expert.

    call.PNG

 

For more insights, feel free to review this article: How to use IRS Form 7200

 

Additionally, I've added resources that'll help you learn more about Form 7200:

 

 

I’m just a few clicks away if you need more help with your other payroll concerns in QuickBooks. It is always my pleasure to help you again. Keep safe and take care.

tjmattonen
Level 1

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

I have spent over an hour with support about this matter. The representatives do not know how to help me and have been unable to refer me to a payroll expert. Is there something that I can tell them to refer to so they can assist me in this matter? Is there a page in the manual or department that I can ask them to get information from?

Giovann_G
Moderator

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

I know the importance of having accurate information when filing tax forms, tjmattonen.

 

I can share additional information in handling the form 7200.

 

Have you filed the form already? If not, you'll need to file it first directly to the IRS. This way we can determine the adjustment that needs to be done to your form 941. Let me guide you on how to get the amounts and totals in which you need to enter into the corresponding lines on form 7200. 

 

Run a Payroll Tax and Wage Summary report to get the breakdown of all taxable wages assigned to each type of leave wages.

 

Here's how:

 

  1. Go to the Reports tab, then search for Payroll Tax and Wage Summary
  2. Choose a Date Range from the dropdown menu.
  3. Select Work Location from the dropdown menu.
  4. Click Run Report.

 

Then, you can run a Payroll Details report to have the totals of each leave type and the medicare credit amount. I'll show you how.

 

  1. Go to the  Reports tab, then search for Payroll Details.
  2. Choose a Date Range from the dropdown menu.
  3. Select Work Location from the dropdown menu.
  4. Click Run Report.

 

Once you completed and file form 7200, you'll need to reach out to our Payroll Team. They'll be able to pull up your account and make the necessary adjustment. Please take note of the amounts and dates you requested for the advance payments. This will be used to adjust your tax payment in the payroll system. Then, your 941 will automatically be corrected. 

 

In addition, you'll need to file your form 941 outside QuickBooks. All you need to do is to generate the Federal Form and then archive it so you have a copy for your reference.

 

Adding this guide here for more insights on the steps provided above: How to use IRS Form 7200.

 

Add a comment below if you have further questions about the new form 7200. I'll be right here to back you up. Stay safe!

tjmattonen
Level 1

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

I filed the form already. Payroll support does not seem to know how to handle this. I spend three hours “chatting” with payroll support. How can I get the 7200 information to someone on the payroll team that can make the required changes to the 941 form? Is there anyway that I can get edit permissions so I can make the adjustments myself?

katherinejoyceO
QuickBooks Team

We use QB payroll and also used IRS form 7200 to request and receive an advance on payroll tax credits. How is this reported on 941 forms

Thanks for actively responding, @tjmattonen. As mentioned by my peer @MaryAnn_E, Quickbooks Online Payroll doesn't support Form 7200 at the moment.

 

You'll want to check the link from the IRS that gives more details and instructions about the form: 

 

 

For payroll adjustments, I suggest working with our QuickBooks Online Payroll Team. They have specific tools that can help you correct and adjust payroll transactions. 

 

Feel free to keep in touch if you have additional questions. We're always around here to help. 

 

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