Form 7200 Worksheet – COVID-19 custom report

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The 7200 Worksheet - COVID-19 report, one of a number of custom reports in the Accounting CS Library, can help you complete Part 2 of the 7200 form for Advance Payment of Employer Credits Due to COVID-19.  You can find instructions on this form on the About Form 7200, Advance Payment of Employer Credits Due to COVID-1 page on the IRS website.

How each line on the worksheet is calculated for the selected quarter

7200 Worksheet - COVID-19 report sample

  • 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 ARPA Self Care, ARPA Other Care, COVID-19 Other Care, and COVID-19 Self Care plus the ERFICA-Med amount calculated on those wages
  • Line 3. Pay amounts for pay item special type ARPA extended care and COVID-19 Extended Child Care plus the ERFICA-Med amount calculated on those wages
  • Line 4. The credit amount of COBRA premiums for the quarter recorded in the COVID-19 Acts tab of the Setup > Clients screen.
  • Line 5. This amount is calculated on the form
  • Line 6. 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 7. Amounts recorded in the Form 7200 Advance Payment Information grid within the COVID-19 Acts tab of the Setup >Clients screen for any advances that were applied for earlier in the quarter
  • Line 8. This amount is calculated on the form
  • Line 9. This amount is calculated on the form

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Internal only

We are unable to identify when an employee receiving one of the three ARPA special type pay items has reached the FICA-SS wage limit. Since we calculate the applicable ERFICA-Med and ERFICA-SS taxes by multiplying by 0.0765 (1.45% + 6.2%), lines 2 and/or 3 can be overstated when the FICA-SS wage limit has been reached. If line 2 + line 3 doesn’t match the liability amount recorded with description FIT ARPA Tax Adj, a warning message will display at the bottom of the worksheet.