The Coronavirus, Aid, Relief and Economic Security Act – CARES Act – allowed employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes.
There are special considerations in repaying the deferred taxes when an employer uses a third party payer that files aggregate Forms 941 and 943 under its own EIN. This includes a non-certified professional employer organization and a third party payer designated as an agent by an employer submitting Form 2678.
Third party payers that reported their clients' deferred deposit and payment of the employer's share of Social Security taxes must have attached a Schedule R to their aggregate returns in 2020. They must list all clients who are deferring deposits of the employer's share of Social Security tax on the Schedule R.
Employers should coordinate with their third party payer to pay deferred taxes owed by the December 31, 2021 and December 31, 2022 due dates.
Source: IRS
Alfredo Gaxiola has worked on numerous IRS problem cases and has successfully settled with the IRS to release liens on houses, bank accounts and wages and, if needed, setting a payment installment plan that is not burdensome for the client. He has conducted appeals before the U.S. Tax Court and obtained favorable resolutions in reducing the tax debt of his clients. Mr. Gaxiola served as Treasurer of Camara de Empresarios Latinos, one of the largest and strongest Hispanic organizations in the city of Houston. He has conducted financial and accounting seminars for the Houston Small Business Development Corporation, as well.
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