Late last Friday, August 28, 2020, the IRS issued guidance on President Trump’s payroll tax deferral memorandum. Join Dent Moses Managing Director, Mike Baker as he discusses this new guidance.
The deferral period is September 1, 2020, through December 31, 2020, and is only available for those earning less than $4,000 bi-weekly. Deferred amounts must be paid between January 1, 2021, and April 30, 2021.
Treasury Secretary Mnuchin has indicated the deferral is optional for employees and employers. There are still many unanswered questions. We will continue to communicate information and guidance as it becomes available. Be sure you are subscribed to our email communication, and follow our social media and YouTube channel for our most current updates.
Additional Resource – IRS Notice 2020-65