I'm confused.... what's new.... When this payroll tax credit first came out it talked about having to pay back the credit over a 2 year period. But now in reading Form 7200 instructions and related writings, I don't see anything about a payback. Where am I going wrong in my readings?
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Ok.... I found that they are 2 different programs. One is a credit you keep and the other is a deferral of payroll taxes and payable over a 2 year period..
OK>> Now I need to find if Advanced Payment credit can be used if the employer has applied or receiver PPP funds?Last edited by BOB W; 04-17-2020, 08:09 PM.This post is for discussion purposes only and should be verified with other sources before actual use.
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If the taxpayer receives a PPP, that completely disqualifies the Employee Retention Credit from the CARES Act..
The taxpayer CAN still receive the credits for the Family Leave and Sick Leave credits from the Families First Coronavirus Response Act if they have a PPP, but NOT on the same wages.Comment
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Thank you for your reply...……..I had that feeling that double dipping would be a problem...…….
Families First Coronavirus Response Actthen is an avenue to take if you don't qualify for PPP, and there can be several reasons for not qualifying. Not to mention no money in the plan, yet.Last edited by BOB W; 04-18-2020, 08:42 AM.This post is for discussion purposes only and should be verified with other sources before actual use.
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