We are currently working on the 2020 forms.  If you have already filed your Q4 form 941, then you will need to amend the Q4 by filing a form 941-X.  You will not file form 7200 for TY 2020.  When claiming the credit on form 941-X, you can indicate it is to be refunded or as a credit that will carry forward to Q1, 2021.  Based on the current processing times at IRS, my hunch is to carry it forward to Q1, 2021.   

We recommend that employers review their payroll tax deposits, and adjust them down by the anticipated amount of the ERC.

The IRS has just released a new revision of form 7200 that an employer would use to claim this credit.  For 2021, you can now claim the credit in advance for the entire quarter.  The advance payment of the credit is limited to what it would have been based on the 2019 wages paid.  You would also use form 7200 to claim any sick and family leave credits (Q1 only).