All of the following are true of the new Form 7200 EXCEPT that it: May be...

All of the following are true of the new Form 7200 EXCEPT that it:

May be used when the available credit exceeds the payroll tax liability,

Replaces the Form 941 for the quarter in which it is used.

Allows employers to claim a credit prior to filing Form 941.

May be filed via fax.

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Expert Solution

All of the following are true of the new Form 7200 EXCEPT that it Replaces the Form 941 for the quarter in which it is used because eligible employers can file Form 7200 if they mfulfill the FFCRA and the CARES Act criteria and are required to file Form(s) 941, 944, 943, or CT-1.

Correct answer is option 2.

ekkarill92 answered 2 years ago

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