News & Analysis as of September 21, 2024

Payroll Taxes › Social Security Taxes

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Payroll taxes are taxes that are often calculated and remitted based on a percentage of an employee's wages, but they can also include fixed charges. Payroll taxes consist of two types of taxes: 1) taxes that are withheld by an employer from an employee's wages and 2) taxes paid by an employer based on the amount of an employee's wages. These taxes may be advanced income tax payments on behalf of an employee. They are also employer and employee payments to a variety of government programs, such as social security, and unemployment/disability insurance. less -

Employers: Deadline for Repayment of CARES Act Social Security Tax Deferrals Fast Approaching

Morgan Lewis on 12/1/2021

Many employers are likely to find the rules for repayment of employer-share social security tax deferrals under the Coronavirus, Aid, Relief and Economic Security (CARES) Act to be confusing. Employers may also be surprised...more

$900 Billion Stimulus Package Provides Critical Tax Guidance and Support for Employers

Chambliss, Bahner & Stophel, P.C. on 1/7/2021

On December 27, 2020, President Trump signed into law the $900 billion stimulus package passed by Congress on December 21. This package contained some much needed tax guidance and support for many employers across the...more

Seyfarth Policy Matters Newsletter - September 2020 # 2

Seyfarth Shaw LLP on 9/22/2020

Despite A Series Of Disappointments, Stimulus Negotiations Remain In The News. As readers of the newsletter are well aware, this specific topic has consumed an inordinate amount of white space. ...more

Presidential Memorandum and IRS Notice 2020-65 Defer Employee Payroll Taxes

Jones Day on 9/21/2020

The Situation: On August 28, 2020, the IRS published Notice 2020-65 allowing employers to defer withholding the employee portion of Social Security tax from paychecks. This payroll tax deferral is different from the one...more

IRS Issues Guidance on President Trump’s Payroll Tax Deferral Executive Order

Laner Muchin, Ltd. on 9/21/2020

On August 8, 2020, President Trump issued an Executive Order to the Secretary of Treasury directing the Department to defer the obligation of employers to withhold, deposit, and pay the employee share of Social Security...more

Treasury and IRS Issue Guidance on Deferred Payroll Taxes

Orrick - Finance 20/20 on 9/18/2020

On August 28, the U.S. Treasury Department and the IRS issued guidance to employers regarding the executive action taken earlier this month to defer certain employee payroll taxes through the end of the year. The guidance...more

IRS Notice 2020-65 Provides Guidance on Deferring Employee Social Security Taxes

Morgan Lewis on 9/18/2020

The US Department of the Treasury and the Internal Revenue Service have issued guidance with respect to US President Donald Trump’s August 8, 2020 Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing...more

To Defer or Not Defer? IRS Issues Guidance Temporarily Delaying the Collection of Social Security Taxes

Sheppard Mullin Richter & Hampton LLP on 9/16/2020

Most employers are expected to pass on the IRS’ offer to temporarily delay collecting Social Security taxes. For background, both employers and employees are generally required to pay a Social Security tax at a flat rate of...more

Employers Not Racing to Implement Employee Payroll Tax Deferral

Akerman LLP - HR Defense on 9/15/2020

Offering eligible workers the option to suspend the employee share of Social Security payroll taxes through year-end may sound good at the moment, but concerns about next year are leaving many employers wary. Indeed, the Wall...more

Executive Memo Allows Deferral Of Payroll Tax In Light Of COVID-19

Fox Rothschild LLP on 9/11/2020

Employers should weigh carefully whether to participate in the voluntary deferring of the employee portion of Social Security taxes pursuant to the executive memorandum issued by President Trump on August 8, 2020. The...more

Treasury Provides Guidance on Employee Social Security Tax Deferral

Nutter McClennen & Fish LLP on 9/10/2020

On August 8, 2020, President Trump issued an executive action directing the Secretary of the Treasury to use the Secretary’s authority under Section 7508A of the Internal Revenue Code of 1986, as amended (the “Code”), which...more

Payroll Tax Deferral Guidance for Employers (Including Family Businesses)

Davis Wright Tremaine LLP on 9/9/2020

Background - The Internal Revenue Code (the "Code") provides the Secretary of the Treasury with the authority to delay tax deadlines in times of national emergency....more

What Employers Need To Know About The Payroll Tax Deferral Guidance

Bradley Arant Boult Cummings LLP on 9/9/2020

Following President Trump’s Aug. 8 presidential memorandum directing the Treasury Secretary to defer the withholding and payment of certain employee payroll taxes, the Internal Revenue Service released Notice 2020-65 on Aug....more

Summary Of Notice 2020-65: Deferral Of Employee’s Portion Of Social Security Taxes

Perkins Coie on 9/9/2020

In response to the ongoing coronavirus (COVID-19) pandemic, the U.S. Congress, the executive branch, and the Internal Revenue Service (IRS) have taken several actions intended to provide immediate relief to taxpayers. In...more

Payroll Tax Deferral – What The Treasury Guidance Did And Did Not Make Clear

Snell & Wilmer on 9/9/2020

To assist employees with the economic hardships resulting from COVID-19, recent guidance provides relief in the form of a payroll tax deferral (Deferral Program). Internal Revenue Service Notice 2020-65 (Notice)1 provides...more

Executive Order Payroll Tax Deferral: Guidance and Considerations

Buchalter on 9/8/2020

On August 8, 2020, the President of the United States issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority pursuant to section 7508A of the Internal Revenue Code to defer the...more

Executive Order On 2020 Social Security Withholdings

Sherman & Howard L.L.C. on 9/8/2020

On August 8, 2020, President Trump issued an executive order requesting that employers stop withholding the 6.2 percent Social Security tax from certain employees’ paychecks for the remainder of 2020. The order applies to...more

Seyfarth Policy Matters Newsletter - September 2020

Seyfarth Shaw LLP on 9/8/2020

Additional Stimulus Negotiations — Along With A Long-Awaited Federal Liability Shield — Are Going Nowhere, Fast. The negotiations for a new stimulus before August failed. The stakeholders promised a negotiated stimulus...more

Payroll Tax Deferral Option Confuses Employers

Parker Poe Adams & Bernstein LLP on 9/4/2020

Following unsuccessful congressional attempts to extend COVID-19 pandemic relief measures, President Donald Trump signed a memorandum that allows employers to defer the employee portion of federal payroll taxes for the...more

Update – More Payroll Tax Deferrals? Weighing the Risks and Benefits of Employers’ Options in Light of the President’s Executive...

Lathrop GPM on 9/4/2020

On August 8, 2020, President Donald J. Trump issued a “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster” (the “Executive Order”) directing the Treasury Secretary to defer employer...more

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Payroll Taxes › Social Security Taxes

Employers: Deadline for Repayment of CARES Act Social Security Tax Deferrals Fast Approaching

$900 Billion Stimulus Package Provides Critical Tax Guidance and Support for Employers

Seyfarth Policy Matters Newsletter - September 2020 # 2

Presidential Memorandum and IRS Notice 2020-65 Defer Employee Payroll Taxes

IRS Issues Guidance on President Trump’s Payroll Tax Deferral Executive Order

Treasury and IRS Issue Guidance on Deferred Payroll Taxes

IRS Notice 2020-65 Provides Guidance on Deferring Employee Social Security Taxes

To Defer or Not Defer? IRS Issues Guidance Temporarily Delaying the Collection of Social Security Taxes

Employers Not Racing to Implement Employee Payroll Tax Deferral

Executive Memo Allows Deferral Of Payroll Tax In Light Of COVID-19

Treasury Provides Guidance on Employee Social Security Tax Deferral

Payroll Tax Deferral Guidance for Employers (Including Family Businesses)

What Employers Need To Know About The Payroll Tax Deferral Guidance

Summary Of Notice 2020-65: Deferral Of Employee’s Portion Of Social Security Taxes

Payroll Tax Deferral – What The Treasury Guidance Did And Did Not Make Clear

Executive Order Payroll Tax Deferral: Guidance and Considerations

Executive Order On 2020 Social Security Withholdings

Seyfarth Policy Matters Newsletter - September 2020

Payroll Tax Deferral Option Confuses Employers

Update – More Payroll Tax Deferrals? Weighing the Risks and Benefits of Employers’ Options in Light of the President’s Executive...

Should Employers Stop Withholding Employees’ Share of Social Security Tax in September? (Part 2)

Recent Guidance on Employee Payroll Tax Deferral: Implementation Steps and Employer Discretion

Additional COVID-19 Relief – Payroll Tax Withholding Deferral

IRS Issues Guidance on Payroll Tax Deferral Program, Leaving Many Questions Unanswered

Trump's Payroll Tax Deferral - What Should Employers Do?

Payroll Taxes › Social Security Taxes

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