Beware of errors when filing for employer tax credits.
November 20, 2020
If your company is claiming these credits on its quarterly federal tax return, contact us for assistance. The IRS warns that “mistakes can result in a processing delay or a balance due notice, which could mean a delay or require filing an amended return.” Employer tax credits are advance payments to qualified employers that were authorized by laws passed earlier this year.
Common filing mistakes include: reporting advances requested instead of advance payments received; erroneously reconciling advance credit payments requested and credits received; and incorrectly using Form 7200. Here’s more: https://bit.ly/38Qzx33