- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Client filed his 2020 tax return. He owed s/e tax. He did not defer any of the s/e tax. Can he amend his 2020 tax return to defer the maximum amount.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Did he have a refund on his 2020 return?
If you end up with a refund they wont let you defer, they'll reduce the refund.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No refund. The taxpayer owed
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Not sure if they have paid already or not. The return has been efiled and accepted
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Can't find any reason why they can't amend.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Don't sound fair
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
"Don't sound fair"
It's not only fair, but provided to make it more fair.
That's not a Creditable Refund; it's a deferral for something not yet paid, so it isn't also considered past due.
It's part of parity for the Self-employed to be treated as employers are treated for the Form 7200 provision.
"Employers that have already deposited all or any portion of the employer's share of Social Security tax during the payroll tax deferral period may not subsequently defer payment of the tax already deposited and generate an overpayment of tax"
"Employers that have already paid the employer's share of Social Security tax on wages during the payroll tax deferral period may not subsequently defer the payment of the tax"
Remember that SE = both an employer and an employee for purposes of the Social Security tax.
"Level Up" is a gaming function, not a real life function.
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hasn't already paid but have already filed