When a self employed individual elects to defer their Self Employment tax due on with their filing (derived from K-1 Partnership) is there any cost for paying late?

[AnmarieA]

The Cares Act allows Self employed individuals to defer their payment of SE tax until 12/31/21 and 12/31/22. Are their penalties or interest for making this election?

[abctax55]

Nope.

[qbteachmt]

If your taxpayer already has prepayments with the IRS and there would be some refund, the SE you identify to defer will first reduce that refund, since it is already paid in and this provision is not a Refundable amount. So, they might or might not benefit.