What is 2020 CARES Act

Did you get an email from Turbo Tax or a letter from the IRS to pay by Dec 31, 2021?

It has to do with paying the self employment tax if you had a Net Profit on Schedule C.

The self employment tax deferral was an optional benefit. It is also a deferral rather than forgiveness, so those amounts will eventually need to be repaid. Half of the deferred amount is due on December 31, 2021, and the other half is due on December 31, 2022.

Check if you have a Schedule 3 line 12e which goes to 1040 line 31.

How to pay the deferred self employment tax
https://www.irs.gov/newsroom/how-self-employed-individuals-and-household-employers-repay-deferred-social-security-tax

‘‘Coronavirus Aid, Relief, and Economic Security Act’’ or the ‘‘CARES Act’’.

Does lots of things,

https://www.congress.gov/bill/116th-congress/house-bill/748/text

Most tax related issues are in sections starting in §2201.