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Posts tagged payroll.
IRS Guidance - President's Memorandum Deferring Payroll Tax Obligations for Four Months

On August 8, 2020, President Trump signed a Presidential Memorandum directing the Treasury Department to defer the employee's portion of Social Security taxes due to the COVID-19 pandemic for wages paid from September 1, 2020 through December 31, 2020 (see our blog). The deferral applies only for wages less than $4,000 for any bi-weekly period, or the equivalent any other pay period.

President's Memorandum to the Secretary of Treasury Defers Payroll Tax Obligations for Four Months

On August 8, President Donald J. Trump, signed the memorandum (the President’s Memorandum) directing the Secretary of Treasury to defer the withholding, deposit, and payment of the 6.2 percent payroll tax during the period of September 1, 2020 through December 31, 2020 for wages less than $4,000 during any bi-weekly pay period (i.e., $104,000 annually) on a pre-tax basis. The Department of the Treasury is expected to provide additional guidance later in August.