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Form 7200 COVID19

HereinFL
Level 1

Has anyone had ANY movement from the IRS regarding Form 7200?  There isn't very much information out there, as I think has been pointed out on these forms.  I handle accounts for several companies who have submitted Form 7200 with each weekly payroll. They insisted on using Square to handle their payroll, and of course, Square does not give them the ability to reduce payroll tax deposits.  Therefore, they are filing claiming all applicable wage amounts as a credit. I have been asked repeatedly when money will be sent, because various articles on the internet point to a "two week" turnaround for issuing the funds for Form 7200. Has anyone encountered a similar situation or heard ANYTHING in way of communication from the IRS on these forms?  All I've been doing is preparing and faxing them. It has now been roughly a month. 

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5 Replies 5
Just-Lisa-Now-
Level 15
Level 15

I dont think anyone is checking faxes at IRS.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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HereinFL
Level 1

If no one is checking faxes, and faxing is the only method of transmitting the return...how can they possibly expect to remit any of the credits in excess of payroll taxes? They have issued a statement saying credits were to be refunded / issued within "two weeks" time and that was roughly a month ago. Has anyone else in the community filed this form and received anything? 

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qbteachmt
Level 15

@HereinFL 

Are you signed up for e-newletters? You would be getting the latest info directly to your inbox:

https://public.govdelivery.com/accounts/USIRS/subscriber/new?preferences=true

For instance:

https://www.irs.gov/coronavirus-tax-relief-and-economic-impact-payments

 

 

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"Level Up" is a gaming function, not a real life function.
cpajessica
Level 1

Another month has gone by - did any of your clients ever receive anything from the 7200?  If so, how long did it wind up taking?  It's been about 5 weeks for me and crickets...

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Lucky7CPA
Level 1

Same here.  Faxed the 7200 back in late June and client has received NO correspondence or refund.  I cannot find anything anywhere with someone having the "two week turnaround"

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