VIDEO: Top 10 COVID-19 Tips for Employers: Cares Act Tax Provisions Edition
Pursuant to the CARES Act, many employers took advantage of the ability to defer payment of the employer portion of certain social security taxes that were otherwise due during 2020. Some have asked questions about whether...more
What a Week- There is no denying that last week’s political events were historic; one can only hope they were aberrational. The week began with the Sunday New York Times publishing a story in which it claimed to have...more
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
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
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
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
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
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
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
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
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
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
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
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
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
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
The title’s question is triggered by a Presidential Memorandum issued on August 8, 2020 (the “Memo”) directing the Secretary of the Treasury to defer Social Security taxes for certain employees. ...more
On August 28, 2020, the IRS issued Notice 2020-65 (“Notice”) to provide guidance concerning the Executive Order that President Trump issued on August 8, 2020 (“Executive Order”). Per the Notice, the Secretary of the Treasury...more
On August 8, 2020, President Donald Trump issued an executive order titled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster.” The order directed the Secretary of the Treasury to use...more
On August 8, President Trump issued a memorandum directing the Secretary of the Treasury, Steven Mnuchin, to use his authority to defer certain payroll tax obligations in an effort to provide individuals with additional...more
On August 8, 2020, President Trump issued an executive order, directing the U.S. Treasury to grant employers the ability to defer the withholding, deposit and payment of certain payroll taxes as further COVID-19 tax relief....more
On August 8, 2020, President Trump issued an executive order directing the Secretary of the Treasury to permit employers to defer the withholding and deposit of certain payroll tax obligations. In response, the Treasury...more
On August 8, 2020, the President issued a Presidential Memorandum directing the Secretary of the Treasury to use his authority to defer withholding, deposit, and payment of certain payroll tax obligations (the “Executive...more
On August 8, 2020, President Trump signed a Presidential Memorandum entitled “Memorandum on Deferring Payroll Tax Obligations in Light of the Ongoing COVID-19 Disaster,” effective as of September 1, 2020 (the “Memorandum”)....more