Learn about the IRS Form 7200 and how Intuit will support it.
If you got tax credits under the FFCRA or CARES ACT that are still outstanding, you can request repayment from the IRS instead of applying the credits to future tax liabilities.
What is Form 7200?
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.
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.
If you choose not to request the advance payment, you will see the credit when your 941 is filed. The credit will roll over to the next quarter and be applied to future payments.
|Update May 2021: The IRS has advised that the current form available (revised January 2021) doesn't contain all of the necessary fields for credits accumulated between April 1, 2021 and September 30, 2021. The IRS will reject any Form 7200 (revised January 2021) filed after April 1, 2021 for these credits. Employers will need to file a new, revised Form 7200 for these dates once its available. We're waiting for more info from the IRS, so check back here soon for updates about the updated form.|
You may file Form 7200 for qualified sick leave wages and qualified family leave wages paid between April 1, 2020 to September 30, 2021. You can file form 7200 if you cannot reduce all of your 941 tax deposits to fully account for the credits. If you have already taken the credit against your 941 liabilities, you cannot claim those amounts on the 7200.
Last day to file Form 7200:
The last day to file Form 7200 to request an advance payment for qualified sick and family leave wages or the employee retention credit for the third quarter of 2021 is November 1, 2021. The last day to file Form 7200 to request an advance payment for the employee retention credit for the fourth quarter of 2021 is January 31, 2022. The last date to file Form 7200 is the same whether you file quarterly Form 941, annual Form 943, or 944. You may not file Form 7200 for the quarter after you file Form 941 for the quarter.
Follow the instructions below to complete the form.
Part II of the form is specific to the credits you are requesting an advance repayment for.
Step 1: Determine your outstanding tax credits.
Step 2: Create and complete the form
Follow steps below for your product.
Step 3: File the form and contact us
Once you have filed the form, you may need to contact us.
Step 4: Adjust your 941
The 941 form will need to reflect the form 7200.
QuickBooks Online Payroll (all other versions), Intuit Online Payroll Full Service, and QuickBooks Desktop Payroll Assisted
Where can I find more information?
The IRS has these resources: