IRS Issues COVID-19 Related Tax Credit Details and Instructions 

The IRS has issued an overview of COVID-19 related tax credits for small and midsize businesses, the paid sick leave refundable credit, the paid family leave refundable credit, and payment of the sick and family leave credit. The IRS included an extensive FAQ list for these credits, including information on how to claim these credits. 

For more information, please see: https://www.irs.gov/newsroom/covid-19-related-tax-credits-for-required-paid-leave-provided-by-small-and-midsize-businesses-faqs 

IRS Form 7200 for Advance Payment of Employer Credits Due to COVID-19 is available here: https://www.irs.gov/pub/irs-pdf/f7200.pdf 

The instructions for Form 7200 are available here: https://www.irs.gov/pub/irs-pdf/i7200.pdf 

FAQs for the Employee Retention Credit under the CARES Act are available here: https://www.irs.gov/newsroom/faqs-employee-retention-credit-under-the-cares-act 

The Attorneys at Levene Gouldin & Thompson, LLP are available to provide advice and counsel concerning matters related to COVID-19.