REPAYMENT OF DEFERRED SOCIAL SECURITY TAXES
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allowed self-employed individuals and household employers to defer the payment of certain Social Security taxes, assessed on their 2020 Form 1040, over the next two years. Half of the deferred Social Security tax is due by December 31, 2021, and the remainder is due by December 31, 2022.
The IRS will be sending informational CP256V Notices to those taxpayers that chose to defer paying the Social Security taxes. This notice reminds them that the first installment of deferred Social Security taxes would be due by the end of the year.