Client Alert: IRS Moving Quickly to Help Employers Get Advanced Payments

The IRS has issued instructions for qualified employers to request advanced payment of tax credits that will be due to them for extension of paid leave to workers who cannot work or telework because of COVID-19 and for businesses that have suffered a COVID-19-related shut-down of business or significant decline in revenues. Form 7200 and the instructions are available online.

You can find background information on the underlying pieces of legislation that include these credits, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and these particular parts of each here on our COVID-19 Legal Resources and Response Team page.

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Terrence J. Briggs

Terry Briggs concentrates his practice on executive and equity compensation, ERISA and other highly technical employee benefits issues on behalf of for-profit and non-profit entities in Massachusetts and throughout the U.S. Terry helps with executive compensation, ERISA compliance and employee benefits planning across a wide spectrum of industry sectors, including manufacturers, hospitality institutions, health care providers, colleges and universities, museums, independent schools, craft brewers and social services agencies.

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About the Authors

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Partner

Terrence J. Briggs

Terry Briggs concentrates his practice on executive and equity compensation, ERISA and other highly technical employee benefits issues on behalf of for-profit and non-profit entities in Massachusetts and throughout the U.S. Terry helps with executive compensation, ERISA compliance and employee benefits planning across a wide spectrum of industry sectors, including manufacturers, hospitality institutions, health care providers, colleges and universities, museums, independent schools, craft brewers and social services agencies.

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