Payroll Tax Deferral Guidance
On Friday evening, August 28, the IRS released its first notice regarding implementation of the president’s executive order on payroll tax deferral. The document, which is just over two pages, can be found here. While the guidance leaves more questions unanswered than it answers, here is what the US Chamber has published on the subject so far. Short Summary: As expected, employers may suspend the withholding of the 6.2% Social Security payroll tax normally deducted from an employee’s pay. The deferral Read more…