When should I file IRS Form 7200?
3.1k views |Last modified 12/27/2023 8:34:27 AM EST |

Qualifying businesses and tax-exempt organizations can file Form 7200 for an advance payment of the credits anticipated for a quarter at any time before the end of the month following the quarter in which the qualified wages were paid. Businesses are allowed to file Form 7200 multiple times in a quarter. Still, the IRS does not allow the filing of Form 7200 after the federal tax return is filed- quarterly or annually. 

Use our affiliate product TaxBandits to file Form 7200 to request the advance payment for your business. 

For instance, say your business files Form 941, the Employer's Quarterly Federal Tax return. Form(s) 7200 applicable to the second calendar quarter (April through June) may be filed anytime from April 1, 2020, through July 31, 2020, but make sure the forms are filed before you file Form 941, the deadline of the which is also July 31, 2020. Doing this allows you to reconcile any advance credit payments and reduced deposits for the first quarter of 2020. 

Any qualified wages paid anytime between March 13, 2020, and March 31, 2020, can be claimed in quarter two (April, May, June) when filing Form 7200. 

If your organization files the annual federal tax returns Form 943, 944, or CT-1 for 2020, you must file Form 7200 before the federal tax returns are filed.