Repayment of Deferred Tax Under Cares Act
The IRS will be sending informational notices to self-employed taxpayers and household employers who deferred certain Social Security taxes on their 2020 Form 1040 under the CARES Act. The notice will remind these taxpayers that the first installment is due by December 31, 2021, and the remainder is due by December 31, 2022.
As a reminder, if you did defer any of these Social Security taxes, they cannot be added to your 2021 Form 1040 filing and must be paid directly to the IRS by December 31, 2021, and December 31, 2022.
The following link provides detailed information regarding the direct payment.
If you have any questions about these deferred taxes or receive one of these notices and have questions, please reach out to your tax preparer.