Can I claim advance tax credits using Form 7200 for Quarter 1, 2021?
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Yes, you can claim advance tax credits by filing Form 7200 for Q1 of 2021, but certain conditions apply.

Criteria to claim advance payment for sick and family leave tax credits - Q1, 2021

For 2021, as per the FFCRA, employers may claim credits for qualified wages paid on leave taken before April 1, 2021. The deadline to file Form 7200 to request this advance payment of tax credits is April 30, 2021. 

Criteria to claim advance payment for employee retention credits - Q1, 2021

As per the Taxpayer Certainty and Disaster Tax Relief Act of 2020, the Employee Retention Credits (ERC) calculation has changed a bit. Also, the period through which the credits may be claimed on qualified wages paid was extended to June 30, 2021. Therefore, employers can file Form 7200 to request advance payments of employee retention credit on or before August 2, 2021, for the qualified wages paid until June 30, 2021. For 2021, employers who had 500 or fewer full-time employees in 2019 can only claim advance payment of employee retention credit after reducing deposits on 7200.