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Level 2
March 3, 2021

Does deferring the SE tax create a penalty

  • March 3, 2021
  • 1 reply
  • 7 views

How are these deferrals made does IRS send a bill or does the program create a voucher? My client is asking and I can't seem to fine the answer

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    1 reply

    abctax55
    Level 15
    March 3, 2021

    No, it doesn't create a penalty.

    The methodology for paying the deferral has not yet been determined by the IRS.

    HumanKind... Be Both
    Pam4Author
    Level 2
    March 3, 2021

    Thanks!!!

    abctax55
    Level 15
    March 3, 2021

    If I have any clients who want to do this, I'm going to make sure THEY keep track of the fact money will need to be sent 12/2021 & 12/2022.   I gave up babysitting as one of my professional services last year 🤣

    They are free to contact me later in the year, once the IRS/Intuit comes up with the proper way to send the payment - but THEY have to be proactive about it.

    HumanKind... Be Both