The Coronavirus Aid, Relief, and Economic Security (CARES) Act allows eligible employers to defer their portion of social security payments for the remainder of 2020 check dates. Repayment is to be made according the following schedule - 50% due 12/31/2021 and 50% due 12/31/2022.
If you are interested in deferring your social security payments, you must opt-in immediately by following the below steps:
- Notify Inflection HR of your request: by submitting a support case to email@example.com
- Include “CARES Act Deferral Request” in the subject of your case.
- You will receive a response outlining how Inflection HR will help you manage the deferral and asking you to confirm your request.
- Please allow 24 hours for processing of your request upon receiving your confirmation.
- You will receive a confirmation when we have updated our systems to record your request to defer these tax payments.
Note: Deferral requests will be supported for payrolls submitted after your request has been received and confirmed completed.
If you’re unsure if you should defer payments, please refer to the legislation and work with your organization and counsel to determine what is best for you. The IRS FAQ may also provide helpful guidance.