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How does a client know what the deferred self-employment payments will be? Is there a voucher?

barrysafeer
Level 3

I have a client who has chosen to take the self employment tax deferral.  Are there vouchers to give them to pay the next 2 payments due 12/31/21 & 12/31/22?  Is there language in the letter edits that can be automatically added for this?

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Just-Lisa-Now-
Level 15
Level 15

A preparer in another group said they read that IRS would send bills for this (couldn't provide any link to where they read it though), but ultimately its the taxpayers responsibility that its paid.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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Just-Lisa-Now-
Level 15
Level 15
I dont think the letter as been customized for this special situation, whether its worth your time to go in and edit as a custom letter, youd need to decide.

I havent seen anything about how to make these later payments...would a 1040V for 2020 suffice? Will IRS send a bill? What about the payment due in 2022?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
barrysafeer
Level 3

And that is the challenge.  How does the client make the next 2 payments?  Hoping someone else will have a more constructive reply.

rbynaker
Level 11

I have not seen anything from the IRS about how this is going to work either.  In a perfect world we would have instructions from the IRS and we would pass that info along to our affected clients.  I'm sure at some point the IRS will release guidance on this but until then, just keep a list of affected clients and update them with more information once we have it.

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Just-Lisa-Now-
Level 15
Level 15

A preparer in another group said they read that IRS would send bills for this (couldn't provide any link to where they read it though), but ultimately its the taxpayers responsibility that its paid.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

View solution in original post