If you’re a small business paying qualified sick and qualified family leave wages mandated by the Families First Coronavirus Response Act and employment taxes aren’t sufficient to cover these costs, you can obtain an advance credit. A draft of new Form 7200 and instructions are posted now; use these for claiming the advance credit.
SPECIAL: Additional Supplement for Coronavirus-Related Tax Changes Available Here!
Alert: Follow coronavirus-related federal tax changes through the IRS’ Coronavirus Tax Relief center.
