Some Employers Might See Delayed Virus Tax Credits

Employers who sought advance payments of tax credits used to compensate for paid sick and family leave during the coronavirus pandemic might experience delays in receiving the funds, the Internal Revenue Service said Friday. 

Businesses whose Form 7200 were or will be processed between late December and mid-January will see delays in remittances because of a "standard end-of-year close out," the IRS said.

The agency will resume paying out the credits for requests processed during this time starting Jan. 21, according to the statement. 

Form 7200 is used by employers to request the advance payments of the credits authorized by the Families First Coronavirus Response Act , which requires businesses to provide paid sick and family leave in 2020 during the pandemic. 

--Editing by Neil Cohen.

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