May 2022
When the CARES Act was released, it provided taxpayers with the ability to defer an employer’s portion of Social Security taxes, as well as some self-employment taxes. Recently, the IRS sent out notices that were in reference to deferred Social Security taxes to those who had partially paid those taxes in December 2021. The CP256V Notices were sent to taxpayers, asserting penalties and interest due to failure to make appropriate Social Security tax repayments that were related to Form 941.
In this post, we’ll talk about why these notices are being sent by the IRS and what you can do to have these penalties abated.
