News & Analysis as of

Tax Deferral Payroll Taxes

Morgan Lewis

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

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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

Seyfarth Shaw LLP

The Internal Revenue Service Extends the Payment Period for Certain Deferred Employee Payroll Taxes in Accordance with Recently...

Seyfarth Shaw LLP on

Seyfarth Synopsis: On January 19, 2021, the Internal Revenue Service (“IRS”) issued guidance (the “Guidance”) in accordance with the recently enacted COVID-related Tax Relief Act of 2020 (the “Act”) extending the payment...more

Bass, Berry & Sims PLC

Private Equity Dealmakers Guidebook to Healthcare M&A During the Covid-19 Pandemic

Bass, Berry & Sims PLC on

The COVID-19 pandemic has stressed the M&A market at every stage of the deal-making process – from complicating on-site visits and intensifying the diligence process to introducing valuation gaps (relative to pre-COVID-19...more

Bowditch & Dewey

2020 End of Year Tax Planning for Businesses

Bowditch & Dewey on

As the 2020 year draws to a close, businesses should review the tax-related provisions adopted in the CARES Act and related IRS guidance with their tax advisers: EMPLOYER REFUNDABLE CREDIT AND PAYROLL TAX DEFERRAL: -...more

Seyfarth Shaw LLP

Seyfarth Policy Matters Newsletter - September 2020 # 2

Seyfarth Shaw LLP on

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

Jones Day

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

Jones Day on

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

Laner Muchin, Ltd.

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

Laner Muchin, Ltd. on

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

Hinshaw & Culbertson LLP

IRS Issues Guidance on Presidential Memorandum Payroll Tax Deferral Opportunity

President Trump issued a Presidential Memorandum on August 8, 2020, directing the U.S. Secretary of the Treasury to use his authority to defer the "withholding, deposit and payment of certain tax obligations." This includes...more

Orrick - Finance 20/20

Treasury and IRS Issue Guidance on Deferred Payroll Taxes

Orrick - Finance 20/20 on

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

Morgan Lewis

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

Morgan Lewis on

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

Sheppard Mullin Richter & Hampton LLP

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

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

Akerman LLP - HR Defense

Employers Not Racing to Implement Employee Payroll Tax Deferral

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

Williams Mullen

IRS Issues Guidance for Payroll Tax Deferral

Williams Mullen on

President Donald Trump issued an Executive Order on August 8, 2020 allowing employers to defer withholding, depositing, and paying certain payroll tax obligations for their employees. On August 28, 2020, the Department of...more

Fox Rothschild LLP

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

Fox Rothschild LLP on

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

Nutter McClennen & Fish LLP

Treasury Provides Guidance on Employee Social Security Tax Deferral

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

Davis Wright Tremaine LLP

Payroll Tax Deferral Guidance for Employers (Including Family Businesses)

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

Bradley Arant Boult Cummings LLP

What Employers Need To Know About The Payroll Tax Deferral Guidance

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

Perkins Coie

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

Perkins Coie on

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

Snell & Wilmer

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

Snell & Wilmer on

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

Buchalter

Executive Order Payroll Tax Deferral: Guidance and Considerations

Buchalter on

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

Sherman & Howard L.L.C.

Executive Order On 2020 Social Security Withholdings

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

Parker Poe Adams & Bernstein LLP

Payroll Tax Deferral Option Confuses Employers

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

Lathrop GPM

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

Lathrop GPM on

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

Brooks Pierce

What Employers Should Know About Deferring Employee Payroll Tax

Brooks Pierce on

On Aug. 8, 2020, President Trump issued a memorandum calling for the Secretary of Treasury to allow for the deferral of payroll tax withholding on the employee portion of certain payroll taxes. This memorandum is separate...more

Pullman & Comley - Labor, Employment and...

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

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

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