The IRS in News Release IR-2022-220[1] reminded taxpayers that the second payment of deferred employer Social Security and self-employment taxes is due no later than December 31, 2022. The release reminds taxpayers of this COVID-19 relief provision that applied in 2020, allowing affected taxpayers to defer paying these taxes:
As part of the COVID relief provided during 2020, employers could choose to put off paying the employer's share of their Social Security tax liability, which is 6.2% of wages. Self-employed individuals could also choose to defer a similar amount of their self-employment tax. Generally, half of that deferral was due on December 31, 2021. The other half is due on December 31, 2022.[2]
While the IRS sent notices to impacted taxpayers earlier this fall per the release, the agency reminded taxpayers they must still make this payment even if they did not receive the notice.
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