Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Does deferring the SE tax create a penalty

Pam4
Level 1

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

0 Cheers
1 Solution

Accepted Solutions
abctax55
Level 15

No, it doesn't create a penalty.

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

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

3 Replies 3
abctax55
Level 15

No, it doesn't create a penalty.

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

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches

View solution in original post

Pam4
Level 1

Thanks!!!

0 Cheers
abctax55
Level 15

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.

Former Chump..umm... AllStar...This message was typed from 6 feet away so you can safely read it immediately.

If a post answers your question, click on *Accept as solution* for future searches