The March 2020 CARES Act allows employers to reduce their quarterly federal employment tax deposit obligations in certain situations. One of those is called the Employee Retention Credit, and another is called the Paid Leave Credit. For employers who have claimed, or intend to claim, the employee retention credit or the paid leave credit that were part of the CARES Act, the deadline to file for advance payment of the credit for 2020 wages is approaching. Taxpayers filing a Form 941, Employer's Quarterly Federal Tax Return, may submit a Form 7200, Advance Payment of Employer Credits Due to COVID-19, up to the earlier of February 1, 2021, or the date they file the Form 941 for the fourth quarter of 2020.
This is part of our February 2021 Newsletter.
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