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This article applies to:

  • Product: myPay Solutions Direct
  • Subject: Payroll tax forms

Form 7200 Worksheet - COVID-19 custom report

myPay Solutions added the 7200 Worksheet as a custom report to help you complete Part 2 of the 7200 form for Advance Payment of Employer Credits Due to COVID-19.
  • Line 1.
    Tax liability adjustments for the employee retention credit, which are generated with the description
    FIT Employee Retention Tax Adj
  • Line 2.
     Pay amounts for pay item special type COVID-19 Other Care and COVID-19 Self Care plus the ERFICA-Med amount calculated on those sick leave pay amounts
  • Line 3.
     Pay amounts for pay item special type COVID-19 Extended Child Care plus the ERFICA-Med amount calculated on those sick leave pay amounts
  • Line 4.
     This amount is calculated on the form
  • Line 5.
     Tax liability adjustments for the employee retention credit and Coronavirus related sick leave, which are generated with the descriptions of
    FIT COVID-19 Tax Adj
     and
    FIT Employee Retention Tax Adj
  • Line 6.
     Amounts recorded in the Form 7200 Advance Payment Information grid within the COVID-19 Acts tab of the Clients screen for any advances that were applied for earlier in the quarter
  • Line 7.
     This amount is calculated on the form
  • Line 8.
     This amount is calculated on the form
note
For more information and instructions on the form, visit About Form 7200, Advance Payment of Employer Credits Due to COVID-19on the IRS website.