Interim IRM Guidelines: CARES Act Employee Social Security Tax Deferral, Early Termination of Employee Retention Credit (IRC §3111) - Market News
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Interim IRM Guidelines: CARES Act Employee Social Security Tax Deferral, Early Termination of Employee Retention Credit (IRC §3111)

Romanian tax authorities announce November deadlines for making social security contributions, tax payments and filing VAT returns

January 14, 2022, 5:00 AM

Review of Internal Revenue Manual 20.1.4, Failure to pay a fine, that would guide Social Security deferrals and early termination of employee retention credit, released on Jan. 14. For taxpayers subject to the deferral, false credit will initially be shown when the employers and employees defer Social Security taxes, but the chargeback will occur when the payment is applied to the deferral, the IRS stated. If the taxpayer does not pay the deferred tax amounts within the applicable time limits, penalties for non-payment (FTP) and non-deposit (FTD) and interest will begin to accrue on the…