Under the Coronavirus, Aid, Relief and Economic Security (CARES) Act, employers that have received a PPP loan can defer their share of FICA tax payments until their loan is forgiven. Specifically, the employer’s share of deposits and payments toward Social Security tax for the period of March 27-December 31, 2020 can be deferred. Contact our Response Team for help determining whether FICA deferrals are in your best interest.
View the full list of Frequently Asked Questions here on the IRS website.
