In a news release, the IRS has updated guidance for a now-expired tax deferral program that benefitted certain employees in 2020. According to an executive memorandum signed by President Trump last summer, employers could elect to not withhold Social Security tax (6.2%) from paychecks of eligible employees from Sept.1 through Dec. 31, 2020. The deferred tax was to be repaid by April 30, 2021. That due date has now been extended to Dec. 31, 2021. Employers that, on behalf of employees, didn’t withhold Social Security tax must now withhold the amount ratably from wages and compensation paid between Jan.1, 2021 and Dec. 31, 2021, to avoid penalties and interest.  Call or visit our website for more information!