There has been so much buzz surrounding the new Form 7200: Advance Payment of Employer Credits Due to COVID-19. Many businesses across the country filed this form, yours may be one of them. Many business owners are experiencing stress as their forms have not been processed.
The IRS has announced that in light of this delay in processing the Form 7200, they will be sending notification letters to filers. This is the information that the IRS has provided so far.
If you have submitted your Form 7200 to the IRS and have yet to receive any update, you can look forward to receiving one of these IRS letters.
If you receive the Letter 6312, it means that the IRS was unable to process your return for one of the following reasons:
Don’t panic, the IRS will indicate the exact reason for your rejection, so you won’t have to guess. This letter will also provide information on the next steps for re-submitting your Form 7200.
If you get a Letter 6313 from the IRS, they need written confirmation that the address you listed on your Form 7200 is your current mailing address. The good news is that you can fix this fairly easily.
You basically have 2 options here.
Option 1: The address that you listed is your current address. Simply check the box on your Letter 6313 and mail it back to the IRS. It is VERY important that you respond to this, otherwise the IRS will not process your Form 7200.
Did you know that less than 1% of electronically filed forms contain errors? That is compared to about 21% of paper-filed forms. If this isn’t enough of a reason to file electronically, then check out the features of e-filing with TaxBandits!
Now, we know what you’re thinking, “the Form 7200 is faxed, not e-filed”. This is true, however, TaxBandits still has a solution! When you complete your Form 7200 with TaxBandits, you can leave your fax machine in the basement collecting dust.
Our software walks you through the process, helping to prevent any computational errors that could lead to a rejection. Then, we handle the faxing and send you confirmation that your Form is on the way to the IRS!
Get started with TaxBandits today! Whether you need to file a Form 7200 or the Form 941 for the upcoming second quarter deadline, TaxBandits has a solution for you!
Want more information on the Form 7200? Check out this video!