IRS Guidance on deferring withholding and payment of payroll taxes

The Department of Treasury and Internal Revenue Service issued guidance (August 28, 2020) implementing the Presidential Memorandum issued on August 8, 2020, allowing employers to defer withholding and payment of the employee’s portion of the Social Security tax if the employee’s wages are below a certain amount. IRS Notice 2020-65 makes relief available for employers and generally […]