As a reminder to all,
With the assistance of the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act), business employers are entitled to defer both the deposits and payments of their portion of Social Security taxes applicable to employees’ wages.
This can be done by reducing any necessary deposits or payments for a specific calendar quarter by a certain amount that reaches the maximum of said employer’s share of Social Security Tax. According to the IRS, employers can remit such deposits that were due within the “payroll tax deferral period” from March 27th to December 31st of 2020.
All deferred payments must be made to the IRS by Saturday, December 31st. To make these repayments, all employers can do so by accessing the Electronic Federal Tax Payment System, or EFTPS. Be sure to visit www.IRS.gov/ETD if you have plans to make any remitted payments by the deadline expressed. For any questions or concerns regarding the payment process, visit EFTPS.gov or call 800-555-4477 or 800-733-4829 for additional information.
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Gregory Scotto
SMG ABA provides strategic accounting, bookkeeping, and fractional CFO advisory services to hospitality, real estate, and growth businesses nationwide.
