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IRS Issues New CP256V Notice on Repayment of Deferred Social Security Taxes
In October and November of 2021, the IRS is sending informational-only CP256V Notices to self-employed individuals and household employers that chose to defer paying certain Social Security taxes under the Coronavirus Aid, Relief, and Economic Security (CARES) Act ( P.L. 116-136)...
This notice reminds them that the first installment of deferred Social Security taxes would be due by the end of the year.
The CARES Act allowed these types of taxpayers to defer the payment of certain Social Security taxes on their Form 1040 for tax year 2020 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 has provided FAQs regarding Coronavirus State and Local Fiscal Recovery Funds (SLFR Funds). The FAQs detail the tax consequences for individual recipients and the reporting requirements for the states and local governments and employers as applicable...
The IRS has released frequently asked questions (FAQs) detailing reporting directions for certain passthrough entities and taxpayers partnership interests reporting held in connection with the performance of services, known as "carried interests"...