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.
When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation.
First and foremost, I need to introduce myself. My name is Lee Ann Collins, managing partner of an accounting and advising firm in Dallas called Lane Gorman Trubitt, LLC (LGT), and this job is keeping me up at night.