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Laner Muchin, Ltd.

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

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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

Morgan Lewis

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

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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

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

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

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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

Neal, Gerber & Eisenberg LLP

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

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

Ruder Ware

New Guidance Regarding Deferral of Withholding of Employees’ Social Security Taxes

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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

Foster Garvey PC

Potential Payroll Tax Deferral Is Available – Employers Must Understand the Program and Use Extreme Caution Before Blindly Jumping...

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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

Tonkon Torp LLP

Treasury Releases Guidance On Temporary Deferral Of Employee Payroll Taxes

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On Friday, August 28, Treasury released Notice 2020-65, which provides guidance to employers that wish to implement President Trump’s Executive Order allowing a temporary deferral of employee-side Social Security taxes. The...more

Blank Rome LLP

Deferral of Employee Social Security Taxes Not Even a Good Idea on Paper

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In a Memorandum to the Secretary of the Treasury, President Trump directed that the Secretary use his authority to defer the withholding and payment of the employee’s share of certain Social Security taxes for the period...more

Lewitt Hackman

Executive Order on Deferring Payroll Taxes - Frequently Asked Questions

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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

Dorsey & Whitney LLP

President’s Program Permitting Deferral of Employees’ 6.2% Social Security Tax for Four Months Presents Complexity and Risk for...

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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

Amundsen Davis LLC

IRS Issues Limited Guidance On Payroll Tax Deferral Option

Amundsen Davis LLC on

On August 28, the IRS issued Notice 2020-65 providing brief guidance on the payroll tax deferral announced in a Presidential Memorandum issued on August 8th. The Memorandum directed the Treasury Department to issue guidance...more

Kelley Drye & Warren LLP

Risks Remain Following the IRS’s Issuance of Guidance on the President’s Payroll Tax Deferral

On August 28, 2020, the IRS issued Notice 2020-65, which was intended to provide guidance to employers on how to implement President Donald Trump’s August 8, 2020 memorandum directing the U.S. Treasury Department to defer the...more

Ballard Spahr LLP

Treasury Issues Guidance Implementing Memorandum on Social Security Tax Deferral

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Late in the afternoon on Friday, August 28, Treasury issued Notice 2020-65 providing guidance implementing President Trump’s Executive Memorandum on social security payroll tax deferral (Payroll Tax Deferral). President...more

Eversheds Sutherland (US) LLP

IRS gets to the point in brief payroll tax deferral guidance

On August 28, the IRS issued Notice 2020-65 on the deferral of employee payroll tax obligations, as originally described in the Trump Administration’s Executive Memorandum dated August 8. The brief guidance provides employers...more

Pullman & Comley - Labor, Employment and...

Should Employers Stop Withholding Employees’ Share of Social Security Tax in September? (Part 1)

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

Burr & Forman

Employee Payroll Tax Deferral—What Could Go Wrong?

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In March, Congress passed the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”) to aid businesses and individuals. One CARES Act relief provision offered the deferral of certain payroll taxes. In particular,...more

Akerman LLP - SALT Insights

Impact of White House Memorandum Deferring Payroll Taxes For Certain Workers

On August 8, 2020, President Trump issued a Memorandum to the Secretary of the Treasury authorizing the deferral of payroll taxes for certain employees from September 1, 2020 through December 31, 2020. This issuance is in the...more

Kelley Drye & Warren LLP

Employers Face Risks If They Reduce FICA Tax Withholding as a Result of the President’s Executive Order

On August 8, 2020, President Donald Trump signed an executive order directing the U.S. Treasury Department to defer the withholding, deposit, and payment of certain employment taxes that would otherwise be withheld and...more

McCarter & English, LLP

Taxpayers That Paid The Net Investment Income Tax Or The Additional Medicare Tax Should Consider Filing Protective Claims For...

Individuals, estates, and trusts that paid significant amounts of the 3.8% net investment income tax or the 0.9% additional Medicare tax in 2016 or later years should consider filing protective claims for refund of those...more

Vinson & Elkins LLP

Paycheck Protection Program Flexibility Act Makes Important Changes To The Loan Program

Vinson & Elkins LLP on

On June 5, President Trump signed into law the Paycheck Protection Program Flexibility Act of 2020 (“PPP Flexibility Act”). Though several Senators had raised concerns about the House bill, ultimately the Senate passed the...more

Foster Garvey PC

Treasury Delivers Some More Good News – Notice 2020-20

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On March 13, 2020, President Trump issued an emergency declaration that, in part, instructed the U.S. Department of the Treasury (“Treasury”) to provide taxpayers with “relief from tax deadlines” due to the impact of the...more

Bracewell LLP

COVID-19 Tax Update: Tax Return Filing and Tax Payment Relief

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Last week, in a pair of notices released under President Trump’s March 13, 2020 Emergency Declaration relating to the coronavirus pandemic, the IRS and the Treasury Department offered relief for tax return filing and tax...more

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