How it works
The CARES act allows employers to delay certain types of payroll taxes, including Social Security and Medicare. These deferred taxes are required to be repaid over the next two calendar years—one half by December 31, 2021, and the other by December 31, 2022. Self-employed individuals such as ICs can also defer half of their self-employment taxes.
Things to consider
Specific requirements for tax filings are still pending from the IRS. For more information, check the IRS Coronavirus page below and contact your accountant or tax preparer to discuss the options available.
Additional resources
IRS coronavirus tax guidance