TaxBandits supports the filing of the Form 7200 for only $0.99!
ROCK HILL, S.C. (PRWEB) April 23, 2020
In response to the Families First Coronavirus Response Act, the IRS has released a new form that refers specifically to COVID-19 tax relief requests. This is the Form 7200. This form will be crucial for small businesses that are seeking advance payment of employer credits. In order to be eligible for the following credits, businesses entities must file the Form 7200.
The Qualified Family Leave Credit
To be eligible for this tax credit, employers with 500 employees or less must provide their employees with the option to take time off from work when they are caring for a family member that is affected by COVID-19.
The Qualified Paid Sick Leave Credit
To be eligible for this tax credit, employers with 500 or less employees must provide up to 80 hours of paid sick leave when their employee is unable to work either because they are experiencing COVID-19 or caring for a family member that is infected and thus they are self-quarantining themselves.
The Employee Retention Credit
This tax credit offers a 50% refund on wages paid totaling $10,000, it is designed for employers that have dramatically reduced revenue due to COVID-19. The purpose of this program is to encourage employers to keep their employees on the payroll, qualified wages may not exceed 50% of $10,000 ($5,000) for any employee for all quarters. If you have paid any qualified wages between March 13, 2020 and March 31, 2020, include 50% of those wages as well as any qualified wages paid during the second quarter on line 1 of the form.
When Must The Form 7200 Be Filed?
According to the IRS, this form must be completed and filed before the end of the month following the quarter when the qualifying wages were paid out. Form 7200 can be filed more than once per quarter as needed. The information that is required in this form can be found in the payroll tax return that you pay either quarterly or annually. All of these forms can be easily filed using the TaxBandits software and include:
Form 941, The Employer’s Quarterly Federal Tax Return
Form 941-PR The Employer’s Quarterly Tax Return (Puerto Rico)
Form 941-SS The Employer’s Quarterly Tax Return (US Territories)
Form 943, The Employer’s Annual Tax Return For Agricultural Employees
Form 943, The Employer’s Annual Tax Return Form Agricultural Employees (Puerto Rico)
Form 944, The Employer’s Annual Federal Tax Return
Form 944 (SP), The Employer’s Annual Federal Tax Return (Spanish)
The sooner you compile this information and complete your payroll taxes coming up for the quarter, the sooner you will be ready to submit your Form 7200 and begin the process of acquiring the IRS tax relief that your organization needs.
Filing Form 7200 With TaxBandits
To help expedite the process, http://TaxBandits.com supports the filing of the Form 7200 for only $0.99! When filing this form with TaxBandits, there is no need for businesses to worry about filing this form with the IRS on their own. The TaxBandits software walks users through Form 7200 using a user-friendly process to complete this form and then transmit it to the IRS via fax.
Founder and Co-owner of SPAN Enterprises, Agie Sundaram is excited to add Form 7200 to the TaxBandits line-up, stating, “We are enthusiastic about providing a solution for small businesses who are seeking crucial tax relief. As a small business ourselves, we understand the urgency and the need to provide this service at a great value.”
TaxBandits is an IRS authorized e-file provider centered around an accurate, simplified, and secure customer experience. TaxBandits software allows for streamlined print, mailing, and e-filing services. Using TaxBandits clients can easily file W-2 Forms, 1099 Forms, Payroll Forms 940 and 941 as well as ACA Forms. TaxBandits ensures IRS compliance by offering both federal and state filing options. With over 4.5 million forms e-filed and clients from over 100,000 businesses nation-wide, employers can trust their W-4 Forms with https://www.taxbandits.com
SPAN Enterprises, the creator of ExpressExtension, is an industry leader in software solutions for IRS filing and the transportation industry. Located in the heart of downtown Rock Hill, South Carolina, SPAN proves that big ideas can grow in a small town. With existing Business Management Software such as TruckLogics and Unitwise, TaxBandits’ business tax solutions, and ACA reporting software, ACAwise, along with the addition of PayWow, a full-service payroll provider, SPAN Enterprises is at the forefront of innovative solutions. Learn more at http://www.spanenterprises.com.