Employers who are filing Form 7200, Advance Payment of Employer Credits Due to COVID-19 should read the instructions carefully and take their time when completing this form to avoid mistakes.
Using a reputable tax preparer – including certified public accountants, enrolled agents or other knowledgeable tax professionals – can also help avoid errors. Mistakes can result in a processing delay, which means it may take longer to get the advanced payment.
Here are some common errors to avoid when filling out Form 7200:
Missing or inaccurate Employer Identification Number. Each EIN should be exact. Taxpayers must complete this box.
Check only one box for the applicable calendar quarter. Only one box should be checked for the correct quarter.
Check only one box for Part 1, Line A.
Make sure to complete Part 1, Line B. In Part 1, Line B check either Yes or No.
Complete Part II, Lines 1-8 using actual dollar amounts. Part II should be completed using dollar amounts, not the number of eligible employees. All lines in Part II should be completed with an actual dollar amount.
Check the math. Taxpayers should make sure they check the math on lines 4, 7 and 8.
Sign the form. Taxpayers should remember to sign the form. Failure to sign the form will result in an automatic rejection.
Ten years ago, Facebook was emerging as one of the top social media websites and Women In Trucking member, Sandy Long, recognized its potential. She reached out and asked if she could start a WIT group on the site. She wanted a place for female drivers to be able to ask questions, network and find new friends. She saw the value in connecting drivers with technology.
Although Sandy passed away a few years ago, her legacy remains in the WIT Facebook group, which now includes nearly 11,000 individuals in the trucking industry. Both men and women visit the group to talk about things that affect their roles as professional drivers. While the majority are truck drivers, there are others who are on the site to learn or to network.
You may be surprised to learn that the page is moderated by professional drivers. They take turns watching the site for compliance. In fact, while WIT staff check in on the site, the admins are vigilant in ensuring the posters follow the rules, which they must agree to before approval is granted into the closed group.
The IRS is issuing Economic Impact Payments. These payments are being issued automatically for most individuals. However, some people who don’t usually file a tax return will need to submit basic information to the IRS to receive their payment.
Questions? The IRS is regularly updating the Economic Impact Payment and the Get My Payment tool frequently asked questions pages on IRS.gov as more information becomes available. Here are answers to some of the most common questions.
Today the IRS has urged people to use electronic services in a new release (Issue Number: IR-2020-68) and announced that is it closing the Taxpayer Assistance Centers and stop processing paper returns etc. The Internal Revenue Service reminds taxpayers and tax professionals to use electronic options to support social distancing and speed the processing of tax returns, refunds and payments.
To protect the public and employees, and in compliance with orders of local health authorities around the country, certain IRS services such as live assistance on telephones, processing paper tax returns and responding to correspondence are extremely limited or suspended until further notice. All Taxpayer Assistance Centers remain temporarily closed as are many volunteer tax preparation sites until further notice. This will not affect the IRS’s ability to deliver Economic Impact Payments, which taxpayers will begin receiving next week.