Under the CARES Act an employer may delay the payment of employer Social Security taxes for up to two years to increase cash flow. In an industry where margins are paper-thin, especially during the COVID-19 crisis, an increase of cash flow, in even the smallest amount, can be a lifesaver for a restaurant to get through this. Deferring the payment of the employer portion of Social Security tax is fundamentally an interest-free loan administered by the IRS.
In this webinar, our expert compliance team breaks down the legislation while covering the following points:
- How this deferral can help your cash flow
- How the deferral is tracked
- How the deferral gets paid
- Advantages & disadvantages to deferring SS tax payments