If you as an employer deferred your employee’s portion of Social Security taxes (part of FICA) on wages from September 1, 2020, through December 31, 2020, you should withhold and deposit additional amounts throughout 2021 to recoup the deferred taxes. The IRS has provided guidance on these employment taxes. If you don’t withhold these deferred taxes, interest, penalties, and additions to tax begin to accrue on January 1, 2022. #IdeaoftheDay
