Message Center Message - 12/9/2021
The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allowed self-employed individuals to defer payment of certain self-employment taxes on income subject to the SE Tax that was incurred from March 27, 2020, through December 31, 2020. This elective deferral was made on Schedule SE (Form 1040) and filed with the 2020 tax return. Self-Employed taxpayers that made this election are required to pay 50% of the deferred amount of self-employment taxes on or before December 31, 2021 to avoid potential penalties and interest. The remaining elective deferral of self-employment taxes must be made on or before December 31, 2022.
The payment of any deferred amounts must be made directly with the IRS through the Electronic Federal Tax Payment System which is found at www.irs.gov/payments.