The IRS has issued Notice 2020-65, which implements President Trump’s August 8 memorandum calling for a deferral of withholding of the employee portion of payroll taxes attributable to certain wages. This deferral is...more
The CARES Act provides several programs to assist small businesses impacted by the COVID-19 pandemic, including favorable loan terms, significant temporary tax breaks, and employee retention credits. Below are key terms of...more
An employer is responsible for paying its share (6.2 percent) of Social Security taxes and its share (1.45 percent) of Medicare taxes for each employee’s covered wages. Generally, an employer must deposit such amounts to the...more