APA's Top Payroll Questions & Answers for 2020 - 112

Special Supplement: COVID-19 - Questions & Answers

SPECIAL
SUPPLEMENT:
COVID-19

APA's Top Payroll Questions & Answers for 2020

Form 7200 and the ERC

Q.

Does Form 7200 have to be filed for the ERC, or is it just reported on
Form 941?

A.

No. Employers may retain an amount of the employment taxes equal to
the amount of those wages (plus certain health plan expenses and the
employer's share of the Medicare taxes on the qualified leave wages)
and their employee retention credit, rather than depositing these
amounts with the IRS. Employers should report these amounts on
Form 941, Employer's Quarterly Federal Tax Return, beginning with the
second quarter.
Employers should only use Form 7200, Advance Payment of
Employer Credits Due to COVID-19, to request an advance of the tax
credits for qualified paid sick leave, qualified paid family and medical
leave, and the employer retention credit.

How to get the tax credit

Q.

Can we proceed with paying our normal tax payments and then get the
tax credit back when filing Form 941?

A.

Yes. Eligible employers will report their total qualified wages for
purposes of the Employee Retention Credit for each calendar quarter
on their federal employment tax returns, usually Form 941, Employer's
Quarterly Federal Tax Return. Employers also report any qualified sick
leave and qualified family leave wages for which they are entitled to
a credit under FFCRA on Form 941. The Form 941 is used to report
income and social security and Medicare taxes withheld by the
employer from employee wages, as well as the employer's share of
social security and Medicare tax.

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APA's Top Payroll Questions & Answers for 2020

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Table of Contents
APA's Top Payroll Questions & Answers for 2020 - Intro
APA's Top Payroll Questions & Answers for 2020 - Cover1
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APA's Top Payroll Questions & Answers for 2020 - Table of Contents
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