Payroll Tax Deferral Next Steps Earlier this week we sent an update regarding the Employee Social Security Tax Deferral. You can find a link to this notice here. Below we are including an updated FAQ for employers regarding the Payroll Tax Deferral. Additionally, we know that some of you may be fielding questions from your employees. … Continued
Late on Friday August 28, 2020 the IRS and the Department of Treasury issued long-awaited guidance on the payroll tax deferral that was issued by President Trump in a memorandum on August 8, 2020. The IRS notice (Notice 2020-65) states the following: Allows employers to postpone the withholding, deposit, and payment of the employee portion of Social … Continued
On Saturday, President Trump signed an Executive order regarding a deferral for employee and employer Social Security tax. While these are not yet actionable as we are awaiting further guidance from the Treasury Department, we are committed to bringing you the most up to date information. We will continue to monitor legislation. Here is what … Continued