In a “COVID Tax Tip,” the IRS provides advice on making payments of deferred employer Social Security taxes reported by third-party payers. Under the CARES Act, employers could defer payment of their share of Social Security taxes from March 27, 2020, through Dec. 31, 2020. Employers must pay 50% of the deferred taxes by Dec. 31, 2021, and the rest by Dec. 31, 2022. Any part of the employer’s share of Social Security tax that isn’t deposited or paid by the due date will incur penalties and interest. The IRS notes that employers are liable for paying the deferred taxes even if they used a third-party payer to report taxes during the deferral period. To read the Tax Tip: https://bit.ly/3eCkMmi Call or visit our website for more information! www.mjscpa.com/
