On August 8, 2020, President Trump issued a memorandum authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. On August 28th, the IRS released Notice 2020-65 providing guidance to employers about how to implement the deferral. While helpful, the guidance still leaves many open questions about the practical implementation of the deferral and the risks to employers participating in this program.
Topics: Tax, IRS, small business, LGT, COVID-19, payroll, deferral
On August 8, 2020, President Trump issued a memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. Unfortunately, the memorandum leaves many more questions than answers for employers, making participation in the program an uncertain endeavor. The below discussion highlights what we know so far and what we need to learn before September 1st.
Topics: Accounting Tips, Tax, COVID-19, payroll