IRS Releases New Form for Businesses to Claim Advance Payments

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Any business who will be claiming the employee retention credit, sick leave credit, and/or family medical leave credit, to the extent these credits exceed their payroll tax liabilities, can file IRS Form 7200 to get an advance on their anticipated tax refund. You can view and print the form here. Here are instructions for IRS Form 7200. The IRS has also released additional guidance on the employee retention credit for businesses that have been financially impacted by COVID-19. For addition information, see the NAHBNow posts on sick and family medical leave as well as on the CARES Act.

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