Thanks for joining the thread, @SmileyWithChrist. I'll help you get started so you can proceed to file your form 720O.
Employers can request early payment of the tax credits under the FFCRA and CARES Act using the new IRS Form 7200. Please know that Intuit doesn't file this form. You'll have to complete and file this form yourself. You'll need to determine the outstanding tax credits and get a copy of the form, to complete Form 7200. I'll gladly input the complete steps below. To begin, here's how:
1. Go to the Reports menu.
2. Hover over Employees & Payroll, and then choose More Payroll Reports in Excel.
3. Click Payroll Summary by Tax Tracking Type.
4. Select Enable content.
5. Click the date range you are requesting the advance payment for, select Get QuickBooks Data.
6. Hit Payroll Summary by Tax Tracking Type.
7. Use the Tax Tracking Type drop-down to select only National Paid Leave and CARES Tax Tracking Types. (Unmark Select All to remove all selections).
8. Add the totals in the Amount columns (including the negative amounts as positives).
9. Determine your total credit:
- Enhanced Payroll Customers: You will need to go to the liability check you adjusted to zero with the National Paid Leave Credit and reduce the amount of your Tax Tracking Types report by the amounts you have adjusted on your 941 liability checks. These credits need to be included in line 5 on the 7200 to correctly calculate the advance payment request.
- Assisted Payroll Customers: You will need to subtract the amount of your Tax Tracking Types report by the amount of the liability adjustments pushed back to your account when you ran payroll. These amounts/credits need to be included in line 5 on the 7200 to correctly calculate the advance payment request.
Once done, these are the steps to create and complete the form:
1. Go to the Employees menu, and then select Payroll Center.
2. Click on the File forms tab.
3. Select Quarterly Form 7200.
4. Fill in all necessary fields, using the report and totals you calculated in Step 1 above to complete the form.
5. Print and fax to the IRS.
It's how you get this done. However, please be aware that the last day of filing Form 7200 was January 31, 2022. You'll want to reach out to our Payroll Support Team. This way, they can help get around it and file what form needs to be processed for your business.
Refer to this article to contact our Payroll Support Team: Contact Payroll Support.
Additionally, you can visit the IRS website for more updates: IRS .
@SmileyWithChrist, if there's anything else that you'd like me to help you with, know that you can always get back to me here in the Community. I'll make sure to lend you a hand and resolve your queries. Take care!
