The Final Deferred SS Repayments are Due

It seems like ancient history now but back on March 27, 2020, the Coronavirus, Aid, Relief and Economic Security Act allowed employers to defer the Social Security portion of their payroll taxes. This was the same bill that also created the Payroll Protection Program (PPP) and Employee Retention Credit so we will forgive you if it all seems like a fog of letters that you want to forget.

The deferral was to be repaid without interest at the end of 2021 and 2022. If you are a JNG Advisor client, we made that 2021 payment for you and will be scheduling your 2022 payment soon. If you are still not a JNG Advisor client, please ensure that you follow the repayment guidelines as outlined by the IRS to avoid potentially large late payment penalties.